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The legal parts of a contract are known as âtermsâ. An employer should make clear which parts of a contract are legally binding. Contract terms could be: 1  in a written contract, or similar document like a written statement of employment. 2  verbally agreed. 3  in an employee handbook or on a company notice board.
These legally enforceable promises may be in writing or oral. Either way, the formation of a legally binding contract requires two basic elements, consideration and mutual assent. This chapter will cover the issues and problems involved with consideration. We will cover mutual assent in the next chapter.