The contract between individuals: types and characteristics of the conclusion

Individuals have the right among themselves to enter into transactions and contracts in various forms: oral or written (notarial or simple). If the legislative acts do not establish a form in which the contract between individuals will be concluded, the transaction can be made orally.

In the same form, any transactions may be concluded, the conclusion of which occurs at the time of their commission, unless the agreement of the parties provides otherwise. If, for the conclusion of a contract, a notarized or written simple form is established, its conclusion in oral form entails invalidity. By agreement of the parties, the transactions concluded in writing, in fulfillment of the contract may be committed verbally, provided that this condition does not contradict the legislation.

In a written, simple form, the contract between individuals is concluded by drawing up a document in which its contents will be expressed. The agreement must be signed by the bargaining people or authorized persons. By agreement of the parties or legislation, additions can be established that determine the form of the contract (seal seal, use of a special form, etc.) and provide for the consequences of non-fulfillment of these conditions. In the absence of such consequences, sanctions may be applied to non-compliance with a written simple form of agreement.

If a citizen, due to illiteracy, sickness or physical handicap, is not able to personally sign a contract between individuals, then on his behalf or request for a document expressing the transaction, any person can sign. At the same time, this procedure must be notarized, indicating the reasons why the person signing the contract himself could not sign it.

The agreement between individuals in written simple form, with the exception of agreements that require the presence of a notary, must be concluded with the amount of the transaction exceeding ten times the amount of wages (minimum wages). In the same form, contracts are concluded between individuals and companies.

At notarial certification of agreements on the contract the signature of the notary or other person which position gives it the right to make similar certificates is put.

The notarial form, under which the contract is concluded between individuals, is used in cases provided for by law. This is mandatory when concluding contracts for mortgages, property pledges, assignment of rights of claim, annuities, wills, registration of powers of attorney, etc. Notarization can be used by agreement of the parties, even if by law this act is not mandatory. The implementation of a notarization certificate gives the transaction a greater legal weight, insuring it against possible invalidity. After all, before putting a signature, the notary must determine the legal capacity of the parties that conclude the contract.

The contract of pledge between individuals is made in written simple form. To perform such a transaction, the mortgagee and the pledger enter into legal relationships. The first person is a person who took the property as a pledge, the second party provides a pledge. The terms of the repayment of money or property, which are the subject of the transaction, as well as the liability of the parties, which occurs when the obligations are not fulfilled, must be stipulated in the contract.

A very common type is a contract of sale between individuals. These transactions are concluded either orally or in written form (with the appropriate amount).