A contract is a legally enforceable agreement between two or more parties where each assumes a legal obligation that must be completed. Many aspects of daily life involve contracts, including buying property, applying for a car loan, signing employment-related paperwork, and agreeing to terms and conditions when buying products and services or using computer software. Contracts offer a framework for parties to define their rights, obligations, and remedies if terms are not upheld.
Contract laws vary by state. Consulting with an experienced contract attorney can ensure that a contract has clearly laid out terms and conditions agreed upon by the parties involved and all necessary elements are present to be legally binding. Common elements of a contract that makes it legally binding include:
When one party fails to fulfill their obligations as outlined in the agreement, it is considered breach of contract. Contractual remedies and applicable laws vary by state. Consulting with a contract attorney may be necessary to protect your rights. Potential consequences for breaching a contract include:
The statute of frauds requires certain types of contracts to be in writing and signed by both parties to prevent fraud and other injury. The extent of statute of frauds varies by state. Common types of contracts that need to be in writing include:
Consider the following when determining which law firm should provide legal representation for your contract case:
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