You are offered a publishing contract! Every writer works towards the success of landing a publishing contract. You’ve received advice on how to write well.
What about how to execute a contract successfully? Do not sign your contract without understanding the principles of contract law.
Keep reading for a crash course in seven of the principles of contract law before you sign your next publishing contract.
Principles of Contract Law
A contract is an agreement between two or more parties where each of the parties agrees to do or refrain from doing an act either now or in the future.
There are two main areas of the principles of contract law. Common law, which covers contracts between people and contracts for services. The Uniform Commercial Code (UCC) covers contracts between merchants for goods.
When you sign a contract as a writer or related to publishing, your contract will follow common law rules. We are going to focus on the common law below.
Formation
A contract forms when two or more parties agree to do or not do something either immediately or at some point in the future. To have an agreement there must be an offer and an acceptance.
There must be a meeting of the minds. Both parties must agree to the same terms for there to be a contract.
The publishing company is the offeror. You are the offeree. This is the offer and acceptance. Both parts need to happen for a contract to be formed.
A bilateral contract is where both parties promise to do something. A unilateral contract is where one party makes a promise, and the other party performs.
Consideration is the value you are giving to the contract. The publisher is giving you money. You are giving your writing.
What about how to execute a contract successfully? Do not sign your contract without understanding the principles of contract law.
Keep reading for a crash course in seven of the principles of contract law before you sign your next publishing contract.
Principles of Contract Law
A contract is an agreement between two or more parties where each of the parties agrees to do or refrain from doing an act either now or in the future.
There are two main areas of the principles of contract law. Common law, which covers contracts between people and contracts for services. The Uniform Commercial Code (UCC) covers contracts between merchants for goods.
When you sign a contract as a writer or related to publishing, your contract will follow common law rules. We are going to focus on the common law below.
Formation
A contract forms when two or more parties agree to do or not do something either immediately or at some point in the future. To have an agreement there must be an offer and an acceptance.
There must be a meeting of the minds. Both parties must agree to the same terms for there to be a contract.
The publishing company is the offeror. You are the offeree. This is the offer and acceptance. Both parts need to happen for a contract to be formed.
A bilateral contract is where both parties promise to do something. A unilateral contract is where one party makes a promise, and the other party performs.
Consideration is the value you are giving to the contract. The publisher is giving you money. You are giving your writing.
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