Contracts form the foundation for much of our daily lives, both personal and financial. A contract is a legally binding agreement between two or more parties, where those parties have understood what they were doing and have legal capacity to do so.
The law governing contracts in Australia can be complex. Particular legislative provisions can impact upon the operation of certain types of contracts. Whilst decisions of Courts can impact on the manner of how contract law is interpreted and applied on a daily basis. As such being aware of your legal obligations in relation to contracts can be difficult.
Given the complexity of Contract Law, it is best practice to ensure that you are aware of your legal obligations and take steps to advance your own personal interests. As such it is prudent to seek legal assistance to prepare, properly review or execute a contract, irrespective of the purpose. A basic rule of thumb that is often overlooked, is to always understand what you are signing and why you need to sign it. This small step will go a long way to avoiding unnecessary conflict and contractual disputes occurring in the future.