A contract is generally composed of four basic elements: offer, acceptance, consideration, and sufficient specification of essential terms. In a typical bilateral contract, mutual promises are exchanged. Such promises usually consist of doing something the promisor is not already obligated to do or not doing something the promisor has the right to do.
In the employment context, the most basic contract is that the employee will give to the employer things such as his skill, talents, physical ability, knowledge, education, and time in exchange for compensation that could include an hourly wage, paid time off, health benefits, retirement benefits, housing, food, and the like. The employer and the employee have the freedom to negotiate and agree to the terms that they find beneficial.
There are numerous other types contracts that arise in the employment context. There are non-compete agreements, arbitration agreements, and severance agreements to name a few. Every employee should perform their due diligence with regards to contracts that are proposed by an employer.
Employment contracts should not be executed without fully understanding their implications. If you have been presented with an employment contract, please contact the employment lawyers at LaBar & Adams, P.A. in Orlando at 407-835-8968 or fill 0ut the online form located on our website.