Contracts, in the simplest sense, are legal transactions that are established by mutual declarations of will between two or more parties and that put the parties under certain rights and obligations. Contracts are used in many areas, from commercial transactions to the regulation of private life. For example, contracts can be made in many different areas, such as selling goods or services, employment contracts, lease agreements, and marriage contracts.
Contracts may be concluded verbally or in writing. However, some contracts have a legal requirement of writing. Even if there is no legal formality requirement, the conclusion of contracts in writing is of great importance in terms of commercial relations.
The importance of concluding contracts in writing can be explained under the following headings: