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In respect to this, how long should a contract last?

In a few situations, contracts must be in writing to be valid. State laws often require written contracts for real estate transactions or agreements that will last for more than one year. You'll need to check your state's laws to determine exactly which contracts must be in writing.

One may also ask, can you have a perpetual contract? Most contracts specify a term when the contract will expire. However, some contracts are drafted based on an on-going relationship with no specified end date. At common law, a term may be implied into a perpetual contract which allows a party to terminate by giving “reasonable notice”.

Also to know is, does a contract expire?

Towards the end of a contract, parties may come together to discuss an extension to the current contract or entering into a new contract. Sometimes, however, a contract may expire without the parties realising and without any express statements made as to what will govern future dealings between the parties.

What do you call a contract with no end date?

Typically, the term which is not defined in the contract and which is left open, is an end date. Thus, an open-ended agreement is an agreement or contract which does not have an ending date but which will continue for as long as certain other conditions, identified in the agreement, exist.