Final answer:
Contract alterations made by a party before agreement create a counter-offer that must be accepted by both parties. These changes should be documented and signed, forming an enforceable contract with legal backing. This ensures that the agreement is in line with property and contractual rights, providing legal recourse in the event of non-compliance.
Step-by-step explanation:
When a party to a contract makes alterations before agreeing to the contract, it effectively creates a counter-offer or modification to the original contract terms. Both parties must then agree to these alterations for the contract to be binding. The process involves negotiation, where each side discusses the proposed changes until a mutual agreement is reached. Consent must be clear and unequivocal for the contract to be enforceable.
Moreover, the revised contract should be documented with the changes clearly outlined and duly signed by both parties, ensuring that it meets all the legal requirements for a valid contract. This is critical for providing recourse through the legal system in the event of non-compliance. Contracts may also contain clauses that provide for automatic adjustments, such as those tied to inflation, which help preserve the real value of the agreement over time.
An important aspect of contractual rights is that they are based on property rights, enabling individuals to make agreements regarding the use of their property with the expectation of legal enforcement for compliance. In employment agreements or long-term business contracts, alterations may pertain to salary, responsibilities, pricing adjustments due to inflation, or other substantive terms. It's imperative for parties to understand their rights, responsibilities, and the implications of any contract modifications they agree to.