![]() The moment you sign a contract, you agree to act in accordance with the rights and obligations it specifies. Outside the United States, chip and pin verification has replaced receipt signatures as a more secure and reliable proof of identity.Īt its simplest, a contract is a legal agreement between two or more parties that binds them together to fulfill clearly laid out obligations. In theory, receipts help to prevent fraud by proving a purchaser’s identity, but in practice they are unreliable, especially with more people shopping online and few in-store associates taking the time to compare receipt signatures with those on the back of shoppers’ cards. For small businesses, invoices are often the contract that ensures a company is paid for their services. Similarly, invoices list products and services a company will provide a customer or client, and it solidifies an obligation that the customer/client will pay for them. Receipts are ubiquitous, whether making a purchase in a retail store or paying for gas at the pump. By signing and paying a receipt, you agree to the list and charges it sets out. Receipts are used to itemize goods or services and their associated cost before a purchase. By contrast, there are also agreements that must include legal signatures from every party involved to be legally binding. While some businesses, like restaurants and retailers, ask their customers to sign for a purchase, this is generally to validate their identity rather than to hold them to specific obligations. Not all documents require a legal signature. What kind of documents require legal signatures?īelow we list out common types of documents that require signatures. Especially as businesses continue to digitally transform, provide more services online and increasingly rely on electronic documents. Whether you sign documents in-person or digitally, it’s important to understand the different kinds of agreements that require a legal signature and what makes a signature legally binding. Every person or business that signs these documents commits themselves to its terms and taking responsibility if anything goes awry. Some view this as an outdated formality, especially in low-stakes environments like a restaurant or retail store, but legally binding signatures are indispensable when it comes to contracts and professional agreements. We need our signatures to access many of the products and services we use each day. We do this in person, such as with credit card receipts at restaurants, and we do this digitally, such as signing online banking forms. We sign countless documents in our lives. Learn why signatures matter, what electronic signatures are, what makes signatures legally binding, and what your obligations are once you sign.
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