Contracts

What is a contract?

  • It is a legally enforceable agreement between two or more persons.
  • A corporation is a person.
  • Each person has an obligation to the other(s) to do something or sometimes, not do something
  • The mutual obligations must be bargained for by the contracting parties.

Do I have a valid contract?

That is not an easy question to answer. Contracts are tricky things and depend entirely on a legal analysis of facts.
  • There must be an offer
  • What appears to be an offer may be nothing more than an "invitation"
  • Acceptance of the offer must be unconditional
  • A counter offer is a rejection of the initial offer
  • Once an offer is rejected, it is no longer available to accept. The acceptance must be timely
  • Some contracts must be in writing
  • There may be a defense to the formation of a contract such as undue influence or lack of capacity

What Can I Do If Someone Breaches?

When a promise is not kept, it is called a breach. Your remedy is generally the benefit of your bargain, but it depends on many factors, such as:

  • Does the breach go to the heart of the contract or is it merely peripheral?
  • Is the subject of the contract unique property or is it money?
  • Did the breaching person have a legal excuse for not performing?
  • Is the contract enforceable
  • Did you agree in the contract to a specific amount of money or a specific remedy?
In addition to contract damages, you may be able to show misrepresentation, deceit, and an intention not to keep a promise when made. Even if no contract exists, the law may find a substitute for a contract and award damages.

 

Our experienced business lawyers will review your documents and discuss the situation with you to determine what your legal rights and any remedies you may have.

Your business has spent a great deal of time and money gathering valuable, confidential information.

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