In this case, I can sue the craftsman for breach of contract in order to recover the difference between what was agreed and what was done. A contract is an agreement between two or more people, in which something valuable is exchanged. Normally, a person agrees to provide a service or deliver something for valuable consideration such as money. Some of the most prevalent commercial contracts in South Carolina include purchase/sale agreements, sales contracts, service agreements, labor and competition bans, real estate transactions and leases, licensing agreements, and loan agreements. [i] It is surprising how many business owners enter into handshake agreements and do not implement the terms of an agreement in writing. In Charleston, we do business every day without the right contracts. For example, weddings and events are a big part of the local economy. Every event requires a plethora of service contracts and supplier agreements, but too often companies fail to write down these basic commercial contracts and find themselves in trouble. Contractors are another group of highly skilled contractors who do not reduce agreements to the letter. Certainty – The parties must be able to identify the commitments contained in the treaty or agreement. If a treaty is too vague, it is impossible to determine the terms of the agreement and implementation is difficult. From a technical point of view, most oral agreements are indeed legally binding. In practical terms, problems come if or if you ever need to prove exactly what you and another party have agreed.