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“Legally binding” means that the parties must obey the terms written in the contract and perform their contract duties as stated.
Failure to do so may result in legal consequences, such as a damages award.
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co.
A legally binding contract is a contract agreement that is valid under state and federal contract laws.
The function of the court is to enforce agreements only if they exist and not to create them through the imposition of such terms as the court considers reasonable.
It is the policy of the law to encourage the formation of contracts between competent parties for lawful objectives.
Statutes prescribe and restrict the terms of a contract where the general public is affected.
There is a definite written or oral offer that is accepted by the offeree (i.e., the person to whom the offer is made) in a manner that explicitly demonstrates consent to its terms.As a general rule, contracts by competent persons, equitably made, are valid and enforceable.Parties to a contract are bound by the terms to which they have agreed, usually even if the contract appears to be improvident or a bad bargain, as long as it did not result from Fraud, duress, or Undue Influence.For a contract to be legally binding, various requirements need to be met, depending on the nature of the agreement, as well as the background of each party.For instance, there needs to be a valid offer with a corresponding acceptance, and each party needs to exchange consideration (something of value). Some factors might invalidate an otherwise legally binding contract.