Formality of Contracts

9308Contracts are the backbone of every business. Most are in writing but even those that are oral are just as important. Contracts are the tools that enforce promises between all parties included. However, there are formal requirements that must be fulfilled for a contract to be considered enforceable. Typically an offer, acceptance, consideration, legality and capacity are required. Do you believe contracts should require fewer formalities to be enforceable? Lastly, have you ever experienced a breach of a contract? How did you handle the consequences from the breach?