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Contract Basics in Washington

Every contract requires offer, acceptance, and consideration. An offer means a promise contingent on a particular act. An acceptance entails an express act agreeing to the terms of the offer. Consideration requires each party exchange something of value. The “statute of frauds” requires a writing for contracts in consideration of marriage, contracts that cannot be performed within one year, transfers of land, contracts by the executor of an Estate to pay a debt of the estate with his own money, contracts for sale of goods over $500.00, and when one becomes a surety such as a guarantor. Parties may agree to all other contracts verbally.

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