What is a contract and what is required for them to be valid? What is a contract? What elements are required for validity?
The following answer is based on general common law jurisdictions; many jurisdictions have statutes that will change some of these. In particular, consumer contracts, real estate contracts and employment contracts are typically heavily regulated and may have additional requirements. What is a contract? A simple definition of a contract [Guest, AG (ed), Chitty on Contracts, Sweet and Maxwell, 27th ed, 1994, p 1] is: A contract is a promise or set of promises that the law will enforce. Such promises must be between different people; you can't contract with yourself. Note, however, that you and a company you own are different people; so you can form a contract with your company. So at least two people must be parties to a contract but there can be more, in fact, as many as you like. So long as the requirements are met by each of the parties they will be legally bound by their promises. Contracts are ubiquitous Most of us engage in contracting many, many times a day. Almost every transaction where something of value passes from one person to another in return for something of value going the other way is part of a contract. Buy a coffee. Use some electricity. Get a haircut. Sell something on Ebay. What elements are required for validity? To form a contract, all parties must have: Intention to create legal relations Agreement Consideration Legal Capacity Genuine Consent Legality of Objects Intention to create legal relations The mere fact of mutual promises does not create a contract. The law requires some evidence (express or implied) by the parties that they intend to make their promises legally binding. Two presumptions, both of which may be overcome by the evidence, have developed to help determine this: an agreement in commerce or business is presumed to be a contract, an agreement of a family, domestic, social or voluntary nature is presumed not to be contract. In addition, a transaction with a public authority carrying out a statutory function is not normally contractual, even if a fee is paid. In contrast, government commercial activities such as buying or selling goods or services (that are not statutory obligations) are contractual. Agreement The parties, having decided they wish to be legally bound, have to agree on what they will be bound to. The most common way this is determined is by the concept of offer and acceptance, however, a global approach can be taken by looking at the acts and conduct of the parties to determine if they have reached an agreement. Offer An offer is a definite undertaking with the intention that it shall become legally binding when the person to whom it is made accepts it. In working out if a communication is an offer or not, the following are considered: An invitation to treat is not an offer. An invitation to treat can include putting goods on display in a shop (but putting them on display in a vending machine is an offer), publishing a catalogue or price list, advertising an auction or putting a "For Sale" sign on your house or car. An offer can be made to a specific person or persons, a class of persons or the whole world. The offer can only be accepted by someone to whom it was made. For example, if I offer to sell my car for $5,000 to Jim then only Jim can accept it, if Tony "accepts" it there is no contract. An offer must be communicated to the person(s) for whom it is intended. Duh. An offer can be revoked before it is accepted. Acceptance Once an offer is made there are rules used to determine when (and if) it has been accepted: Acceptance must be in reliance of the offer; that is, the person "accepting" the offer must know that it exists. For example, if B find's A's lost wallet and returns it out of kindness, not knowing that A has offered a reward, B cannot claim the reward when he learns of it. Acceptance must be complete and unqualified. If there is anything further to be negotiated then a contract has not been formed. Conditional assent is not acceptance. An agreement to buy "subject to bank finance" for example is not a contract. Acceptance must be clear and certain. The exact terms of the contract must be agreed with sufficient certainty, if the terms are indefinite there can be no contract. Note, however, that common usage or past dealings can provide sufficient certainty. Acceptance may be express or implied. That is, you can accept an offer by word or action. Acceptance may be retrospective. Where parties have acted on the basis that a contract will be formed in the future then if and when that contract comes into existence, those acts form part of it. A counter-offer is a rejection of an offer. If you make a counter offer then that kills the original offer; you cannot subsequently accept that offer unless it is re-made. Acceptance must be communicated (unless it is communicated by conduct). Again, duh! The offeror may prescribe the manner of acceptance. If the offer says it can only be accepted by post for example, then an email is not an acceptance. Example 1 B walks into A's convenience store. A has on display a chocolate bar with a price tag of $1; this is an offer to treat. B can now make an offer on said chocolate bar by: Saying, "I will give you $1 for this chocolate bar", Saying, "I will give you 50 cents for this chocolate bar", Saying, "I will give you $2 for this chocolate bar; but you must accept my offer in writing", Saying, "I will massage your left foot for 1 minute for this chocolate bar", Saying, "please give me this chocolate bar for free" (Note: this is not an offer that can lead to acceptance due to absence of consideration, see below), Picking it up and putting it on the counter (this is implicitly saying what No 1. said explicitly). Needless to say this is the most common method. Now that B has made the offer (by whatever method) it is open to A to accept it. Ignoring the silly offers and focusing on 1./6., this is typically done by A saying "$1, please" (explicit) or holding out his hand (implicit and slightly rude). At that point (but not before) B is legally committed, the offer has been accepted; he can't put the chocolate bar back, however, A is unlikely to sue for breach if he does. Consideration A contract must be an exchange of promises. If A says to B "I will give you $100" and B says "Thank you" there is an agreement but no contract; quite possibly there is no intention to create legal relations but B has given no consideration to support A's promise. Consideration is the price and a price must be paid for every promise to form a contract. Some examples of consideration are: A promise for a promise: A promises to work for B in return for B's promise to pay A. C promises to fix D's leaking tap in return for D's promise to fix C's car. A promise for an Act: E promises to give F a car if F gets a certain grade at university. G promises to pay H's debts in return for I withdrawing a suit against H. J promises to shop in K's supermarket in return for K supplying a trolley. The following rules apply to consideration: Consideration is required for a contract to exist Consideration can be "executed" (a promise for an act) or "executory" (a promise for a promise) but cannot be "past". If the act or promise has already happened, it cannot be consideration for a contract. For example, if A promises to pay B for work already done, there is no contract. Consideration need not be adequate; that is, the deal does not have to be "fair". Consideration must be sufficient - this is different from adequacy. Insufficient consideration falls under: performance of a duty imposed by law, performance of a duty imposed by an existing contract, acceptance by a creditor of part payment by a third party, composition with creditors, moral obligation (i.e. you can't do it for love), illusionary or uncertain promises. Consideration must move from the promissee but need not move to the promisor. For example, if A promises to pay B if C will fix A's car, B cannot enforce A's promise because B has offered no consideration for A's promise. Alternatively, if B had promised to organise C to fix the car then that would be good consideration. Legal capacity A contract may not be valid if one or both of the parties is legally incapacitated. At least six classes of persons are (or were) subject to degrees of incapacity (I won't go into details): Minors the mentally ill the intoxicated married women (archaic) corporations capital felons. Genuine consent Consent may not have been given due to: Mistake, however, remedies are restricted, narrow and technical, Misrepresentation Undue influence Duress an Unconscionable contract Legality of Objects You can't make a contract where the law says you can't. Is there anything else? A great deal, however, these are the basics. As previously mentioned, the common law may have been changed in your jurisdiction by statute; either to contracts as a whole or to certain types of contract. In addition, statutes may require some contracts to be in writing and/or witnessed; contracts to do with real estate and employment are a favourite for this. Other than this there is no need for a contract to be in writing, be signed, be witnessed or have any other special mumbo-jumbo. Indeed the vast majority of contracts are verbal with implied terms (or terms read in by statute) and are formed and completed without the parties even realising there was a contract.
Adults are bound to contracts with minors The technical term is that a contract with a minor is that it is voidable by the minor unless it is subject to the exemptions - a contract for necessities or a contract of benefit to the minor (e.g. a reasonable mobile phone contract). Until the minor chooses to void it, it is binding on everyone involved. They can do this anytime before they reach majority or within a reasonable time after that providing the contract is not complete. That means, for one and done transactions, the contract cannot effectively be voided because the contract is complete - think of a child buying an ice cream, riding a bus or going to the movies. If it is voided, the minor is obliged to return whatever consideration they received and that is still in their possession. So, for the mobile phone contract, if it included a handset, they must return that providing they still have it.
Offer and Acceptance What you have been presented with is an offer; by signing it unamended you accept the other party's offer and create a legally binding contract. If you amend it and sign it you have made a counter-offer that is now open for the other party to accept. There is no contract until they do. Two points to remember: Making a counter-offer ends the original offer: it is no longer open to you to accept the original offer. Offers may be accepted by actions: if you make a (counter-)offer and the other party acts like they have accepted it (e.g. by doing the things the contract would require of them) then it is likely that the offer has been accepted and a contract formed. Many disputes lie along this path - see battle of the forms. Signatures There is no need for an offer, an acceptance or a contract to be signed by anyone. There is not even a need for them to be written down. If you go into the supermarket and put their goods on the cashier's counter, you have made an offer to buy those goods at the price the supermarket has advertised. The supermarket accepts your offer by scanning the groceries and putting them in a bag. The contract is completed when you hand over your money.
the first two highlighted parts seem to contradict each other. No, in this case they do not. The first highlighted portion refers to works or items produced "for or under the direction of the Company", whereas the second highlight refers to your creations that satisfy conditions (a) and (b). Where contradictions actually exist, the doctrine of contra proferentem entitles you (the non-draftsman of the contract) to adopt the portion or reasonable interpretation that favors your legal position. Also wondering how valid those statements actually are They are valid and become enforceable as soon as you sign the contract or your subsequent conduct reflects your acceptance thereof. it's a matter of privacy. So the question is what I can do or what the reality is of the situation The reality is that you are asked to sign a contract that is abusive and ridiculous. One vulnerability from describing your inventions (presumably in Appendix A) is that the employer gets "irrevocable, worldwide, etc" rights on them as soon as you "use or disclose any [items listed in Appendix A] when acting within the scope of [your] employment". This means that if instead of reinventing the wheel you share or apply any portion of your prior creations so as to enhance your productivity, you knowingly and irreversibly grant to the employer perpetual rights to those items. Legal disputes regarding APIs can become extremely intricate. And, since judges usually have no decent background on IT, even those few judges with integrity are unlikely to grasp the key subtleties that would lead to a correct ruling. "not useful with or related to any Company Interest" is very vague. The company could be interested in literally anything these days. Clauses which are too vague or excessively wide-encompassing are supposedly stricken as unconscionable, unenforceable, etc. However, I personally would foreclose upfront the risk of judicial hassle and decline the abusive contract. Legal issues aside, keep in mind that you are offering your expertise (in terms of supply &amp; demand, you are on the supply side). This fact has a less derogatory connotation than "asking for a job". Accordingly, the relation between the parties should be more leveled.
Contracts are transferrable The default rule is that the rights and obligations that one person holds under a contract (your original bank) can be transferred to any other person (your new bank). This is only not the case where the contract is one for personal services (e.g. an employment contract) or where the contract explicitly proscribes or otherwise limits it. For example, if I run a dog walking business and you contract with me to walk your dog on Mondays, Wednesdays and Fridays for 6 months then, at any time, I can transfer my obligation to walk the dog and my right to be paid by you for doing so to anyone else. I can do this by subcontracting (in which case the rights and obligations are still mine - I'm just using someone else to fulfil them), or by selling individual contracts (which is how debt collection businesses operate), or by selling the entire business. It would be completely normal that the contracts you agreed to when you opened your accounts would allow the bank to sell them. Check the terms and conditions.
What is the difference between personal contract, business contract and full-time contract? There is no formal definition, but it most likely refers to whether you intend to be hired as independent contractor, as a corp-2-corp, or as employee in the company's payroll. Each option has its tax, administrative, and legal implications. Some of these are: whether your compensation will be from payroll vs. invoicing the company; an employee might be statutorily entitled to benefits that outside contractors and companies are not; servicing them in a capacity of contractor or company might make it easier for you to take side projects; under some of these three alternatives the company might be more flexible when negotiating raises; you might be hired on a project basis (that is, if you are not in their payroll); in case of liabilities or when one of the parties commits a tort or breaches the contract, the "administrative remedies" could be different.
No, a contract cannot require a breach of law. Any such contract is invalid, but a clause may limit the extent to which it is invalidated, to only such terms as actually or require a breach of law.
Possibly If the texts are sufficiently precise that they constitute offer and acceptance then they would create a contract notwithstanding that “some documents” were never provided. First, your offer must have been sufficiently clear that it was open to acceptance by a simple “yes” or “ok”. Given that you had a lease, a simple offer to have another one would be enough as “on the same terms” is implied. Second, she must have accepted your offer unconditionally. “Yes, I’ll put together some documents to sign” is an unconditional acceptance even if the documents never appear. “Yes, I’ll put together some documents to sign first” or “Yes, I’ll put together some documents with the terms” aren’t. The first is a conditional acceptance and the condition wasn’t met. The second is a rejection with an intention to make a counter-offer that never eventuated. Third, real estate is heavily regulated. There may be specific requirements (such as a particular form of contract, or that it be witnessed) that mean there is no binding lease even though there would be a contract at common law.