For a contract to be considered binding, it must contain the fundamental elements of a contract, including offer and acceptance, consideration, reciprocity or intent, legality and capacity. If a contract contains all these elements, it is most likely a binding contract. In the absence of one or more basic elements, it is probably a non-binding contract. Contract law is based on the principle expressed in the Latin phrase pacta sunt servanda (“Agreements must be respected”).  The Common Law of Contract arose from the meantime defuct writ of assumpsit, which was originally an unlawful act based on trust.  Contract law is covered by the ordinary law of obligations, together with the unlawful act, abusive enrichment and reimbursement.  If you have a written contract, make sure you have read it before you sign it. Courts are reluctant to get involved when parties with the same bargaining power have agreed on terms, especially when the parties are represented by law. Make sure you know what you`re signing up for! In the United States, persons under the age of 18 are generally minors and their contracts are considered questionable; However, if the minor invalidates the contract, the benefits received from the minor must be returned.