Contract law is fundamental to every business venture, but inattention to detail could leave you in a world of hurt. You need to find an experienced contract law attorney to ensure the safety of your business transactions and agreements. Businesses are legally bound by a variety of regulatory standards and a failure to adhere to these laws, either intentionally or unintentionally, can be disastrous for your company or even void a contract. If you don’t have years of experience legally structuring valid contracts, an experienced attorney can help you save time, money, headaches, and ensure your agreement is legally binding.
Basic Elements of a Contract
Contracts help to facilitate legally binding agreements to ensure that multiple parties uphold their end of a bargain. At a very basic level, contracts are comprised of an offer, acceptance, and consideration. To be valid, the contract must be made between mutually consenting parties that are not under duress.
Some people have the misconception that they can take a violator of a contract to court, and the courts will force them to uphold their end of the agreement. This type of remedy is called specific performance, but the courts do not always award this remedy. If an enforceable contract is violated, the courts may instead choose to award monetary restitution for non-performance.
Additionally, people are often surprised if they find their contract to be unenforceable. Poorly constructed contracts lack definite terms, and simply having a promise in writing doesn’t necessarily create a legally binding contract.
In fact, there are many pitfalls and traps to contract law that most inexperienced individuals fail to understand. The consequences of an inadequate contract can be truly overwhelming. The worst case scenario is to try to enforce a contract to recover damages or a remedy of specific performance only to find that your contract is void or unenforceable. Don’t leave a business agreement to chance by hiring a business law expert and years of experience in contract law.