One of the aspects of living richly on a budget is being able to ‘get the best price’ on something. A huge part of this is knowing when to take advantage of someone’s need to close a sale: Knowing the ins and outs of legal contracts and agreements is a part of being a Budget Socialite. Knowing if is a handshake legally binding can help ensure you’re getting the best price and don’t overspend.
A brief history lesson In the business and legal world, a handshake agreement used to signify that both parties understood that an agreement had been made. It is the agreement that became legally binding and enforceable, not the handshake itself. Historically, the handshake has been the symbol for many things Lawyers still use the handshake as a symbol of doing business, something that a handshake agreement can be relied on for. A handshake is legally binding, but not necessarily enough for an enforceable agreement in these days and times. The agreement itself must be legally binding in order to be enforceable.
Modern Day Legal Picture Though “is a handshake legally binding” is more subjective than “are oral contracts legally binding,” a handshake agreement is just as legally binding as an oral contract. If you are satisfied with the conditions of an agreement after shaking hands with someone, you can be assured that they were equally satisfied with the agreement. The only hitch you might run into is that your handshake may not be enough. You may need a written contract, especially if the stakes are high. Because it turns out that whether or not a handshake agreement is legally binding really depends on the agreement.
Often, a handshake agreement fulfills the meaning of is a handshake legally binding: However, the circumstances need to be right. It could be more beneficial to have a written agreement rather than a handshake if: And though handshake agreements are a grey area, there’s nothing grey about where a written agreement is necessary.
Where a handshake agreement isn’t enough Since handshake agreements aren’t always a legally following agreement, budget socialites should be wary. A handshake agreement won’t be enough for: If you’re unsure about whether or not to shake hands or sign away, an agreement may also not be enough for: While it can feel good to break the rules and enter into an agreement that’s off the record, you may in fact want to write something down. If you’d like to be super safe, make sure you know what makes a contract legally binding because these agreements can be legally binding even if they may not be legally binding.
Getting the most out of your handshake agreement Let’s say you believe this person has a solid reputation. You’ve been referred to them by three people and the reviews are all positive about their work. You don’t have to worry about getting ripped off because you trust this person will hold up their end of the bargain. In this case you could enter into an agreement with no need for a written contract and no concern that a handshake agreement would not be legally binding. However, that’s not always the case. A handshake agreement is legally binding but an uncontracted agreement is not binding. This means that if either party chooses to not uphold their end of the agreement, the other is not legally entitled to any compensation. Handshakes and contracts can go hand in hand however. Once you have verbally agreed to something, you can create a contract that encapsulates that agreement, this is the best of both worlds. But if you wish to close the sale right away, you can certainly do so. In that case, here are some tips for closing the deal on your budget socialite terms: For many, budgeting relies on not overspending and knowing when to spend. When it came to securing smoother contracts and ensuring that extra expenses could not be tapped onto a credit card, knowledge of is a handshake legally binding questions helped budget socialites save! So whether you’re just a socialite out for a night of networking, a free agent who has a continuous stream of new gigs, or you’re a wedding planner who deals with multiple clients at once, knowing the fine print can get you the best deal at the right price!
For more information on contract law, you can visit Wikipedia’s page on Contract Law.