Your business partnerships in Daytona Beach are much more clearly defined when you have a contract in place. Yet as many of the companies that we here at Smith Bigman Brock have worked with in the past can attest to, simply having a written contract does not allows mean that such an agreement is valid (and, by extension, enforceable). It is the language and terms within a contract that confirms its validity.
One of the basic elements that must be present in order for an agreement to be considered a contract is consideration. The Florida Bar defines "consideration" as "the exchange of promises to act and/or provide goods, services or money." Essentially, your contract consideration is the mutual benefits both you and your partner will receive from the agreement. For example, if you are a service provider, then the benefit your partner receives if your services. Your benefit is the payment for those services (or other services received in return). A contract cannot be "one-sided," or have benefits so heavily offered to one party of the agreement in order to be considered valid.