Post dating legal sinatures
Consideration is important because, without an exchange of value, one party can claim that the agreement was a gift rather than a legally enforceable contract.
In the absence of a contract expiration date, it’s sometimes confusing to know when a contract begins.
An offense of this nature is subject to trial in a magistrate's court or even indictment.
According to Section 6(2), the maximum allowed penalty in the event of an indictment is 10 years in prison.
There are some potential pitfalls when you enter into a contract with a vendor or client, especially if you have a contract with no end date_._ While the contract is likely valid, it must detail enough information to outline the agreement and must include the signatures of all parties involved.
Regardless of whether or not there is a contract expiration date, there are three elements that must be present for a contract to be legally binding: offer, acceptance and consideration.
For legal reasons, you should avoid using backdated documents.
However, backdating a contract should not be done lightly because it easily can be considered a criminal offense that carries quite hefty consequences.
In addition, if contractual performance has occurred before the contract's execution, there may be sufficient reason to backdate the contract's effective date.