What is a contract?
A contract is a legally binding agreement between two or more parties. A contract is formed when one party makes an offer, another party accepts the offer and both sides are giving something of value.
Does it need to be in writing?
There are some kinds of contracts that must be in writing to be enforceable under your state’s law. However, in many other situations, verbal contracts can be enforced. If there is any doubt, write it out and have the parties sign it.
When do I need a contract?
If your agreement with someone is important to you, you should probably make it a binding contract to avoid disappointment and to hold the other party’s feet to the fire if they try to back out later.
Can anything be in a contract?
No. Certain contract clauses, such as those that go against public policy, are not enforceable, meaning that the law does not consider it an obligation. If a contract requires one party to do something illegal, it will not hold up in court.
What happens if the other party breaches?
If one party does what she promised and the other party does not, it is called a breach. You can sue someone for breaching a contract and seek compensation for the harm caused.
If you have suffered loss as a result of a breach of contract, contact us and we will let you know whether we can help.