WHAT IS A CONTRACT?

Generally speaking, a Contract has been defined as a legally binding agreement involving two or more people or businesses (called parties) that sets forth what the parties will or will not do. A Contract is an agreement that creates obligations enforceable by law. To be legally binding as a contract, there must be an exchange for adequate consideration. Adequate consideration is a benefit or detriment which a party receives which reasonably and fairly induces them to make the contract. For example, promises that are purely gifts are not considered enforceable because the personal satisfaction the grantor of the promise may receive from the act of giving is normally not considered adequate consideration.

 

Basic elements of a contract:

* Mutual assent (agreement by the parties)
* Consideration (money or consideration in kind)
* Capacity to form a Contract (mental competence)
* Legality of the Contract (contracts cannot be formed to perform illegal acts)

The law typically provides remedies if a contract is breached or recognizes the performance of a promise as a duty.

Remedies for breach of contract include:

* General damages
* Consequential damages (damages that occurred as a result of the breach of contract)
* Reliance damages (damages that occurred due to reliance on the contract)
* Specific performance (compel the breaching party to honor (perform) the contract)

 

DIFFERENT KINDS OF CONTRACTS AND AGREEMENTS:

Our office provides experienced and dedicated service in the drafting and negotiating of Contracts. Some of the Contracts that you may need in a business context include:

* Shareholder Agreement
* Operating Agreement
* Confidentiality Agreement
* Employment Agreement
* Non-disclosure Agreement
* Software License Agreement
* Buy-Sell Agreement
* Family Limited Partnership Agreement
* Joint Venture Agreement
* Sub-contractor Agreements
* Vendor Agreements
* Power of Attorney