We have written contract for the use of evidence; very good for the use of proving something (showing terms of the contract) Serves as a reference to the actual terms; can turn to it at anytime. May need to be written to be enforceable (sale of land, guarantee) Holds people to the promises they make. Phil"s goal when writing/revising contracts: to capture the intention of the parties in words* Many provisions that many business people would not understand. These agreements usually deal with a lot of money: a lot more risk involved therefore it is more advisable that you understand what you are agreeing too. Both parties would be represented by lawyers. There is usually quite a bit of going back and forth on the terms. When we sign we have legally engaged in the terms but we don"t tend to perform what is asked of us in the contract until much later.