Contracts

Definition of a Contract

A legally binding written agreement executed between the System or the University and a third party in which the parties agree to perform under the obligations therein (with or without a monetary exchange). Contracts include but are not limited to letter agreements, cooperative agreements, memorandums of understanding (MOU), interagency contracts, inter-local contracts, easements, licenses, leases, and purchase orders.

 

A contract is an agreement between two parties that creates an obligation to perform (or not perform) a particular duty.  A legally enforceable contract requires the following elements:

• An Offer
• An Acceptance
• Mutual Consideration
• Legal Parties
• Legal Purpose

 

General questions can be sent to contractadminutt@uttyler.edu.