Contract Law
A contract is any legally-enforceable promise or set of promises (verbal or written) made between parties. There must be an agreement which consists of an offer and acceptance, consideration and contractual intention for a simple contract to exist.
Other ingredients that make up a contract include:
- Capacity - The parties must be legally capable of entering into a contract.
- Consent - The agreement must have been entered into freely. Consent may be vitiated by duress or undue influence.
- Legality - The purpose of the agreement must not be illegal or contrary to public policy.
A contract which possesses all of the above ingredients is presumed to be valid. The absence of an essential element will render the contract void, voidable or unenforceable.
Protect your legal rights by memorializing an agreement in writing and always trust your gut instincts before entering into any agreement with another. Contact an attorney at our firm to review, draft and evaluate any contractual obligation you may have with another person or entity to enforce those rights.