Parties may be individuals, corporations, governmental entities, or other business forms. It is not acceptable for the parties' names to appear differently in the first paragraph of the contract and on the signature line. Identifying the other party using an inaccurate or incomplete name may result in the contract being unenforceable against the party with whom you thought you were doing business. The contract should have a date stated as the contract date or effective date. This date is not necessarily the date when the contract was signed but rather the date from which contractual rights and obligations begin, and from which any term of time usually begins.
Consideration There can be no contract without consideration.
Consideration is the exchange of promises by the parties to the contract. It can be the payment of money, the delivery of equipment, the promise to take an action, the promise to forbear an action, or the promise to forbear a right. If the contract doesn't say exactly what you meant or contains provisions with which you don't intend to comply, UT may not get what you thought you bargained for and may be required to comply with unacceptable contract requirements. Term and Termination Contracts should be for a definite stated term. Avoid contracts which automatically renew without sufficient advance notice.