What Are Some Of The Basic Requirements For A Valid Contract?
In general, a contract should contain an offer, the acceptance of that offer by the other party, consideration (which is more of a legal term), contract terms that are not illegal, and capacity by the parties to enter into the contract.
Do All Contracts Need To Be In Writing In Order To Be Valid Or Legal?
There are certain contracts that are required to be in writing; however, oral agreements are generally enforceable.
When Is A Contract Unenforceable?
There are many different scenarios where a contract would be found to be unenforceable. One example involves the signing party not having the capacity to enter into a contract, which could be the case because the party is not of legal age or not sound of mind. Another situation would be that the terms of the agreement are illegal. If the terms of the agreement are to sell illegal drugs, for example, you cannot ask the court to have that enforced. Another situation would be where there is no consideration between the parties.
How Can A Contract Be Breached? What Are Some Examples?
Breaches are different for each contract, but the general idea of breaching a contract is that one of the parties is not fulfilling an obligation in the terms of the contract. It could be that they are doing something that they are not supposed to be doing (action) or that they are not doing something that they are supposed to be doing (inaction). An example of an action breach in a non-compete agreement could be engaging in an activity that is competitive with the company in the non-compete. An inaction breach could be a manager failing to file the taxes of the company they are responsible for.
Should I Always Have An Experienced Attorney Draft And Review Any Contracts I Need?
An experienced attorney can help you understand what is in a contract, but also can advise you on what is missing from the contract that would be necessary to protect your interests. Having someone that does not have contract experience draft or review your contracts could be detrimental to you and your business, and may be costlier for you in the long run.
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