What is contract law?
A contract is an agreement between two parties and contract law refers to the body of law that governs it. Parties can turn to a court of law to enforce the conditions of a contract if needed.
Who uses contract law?
Contracts make transactions run smoothly and without the possibility of a misunderstanding. Contracts are used in any activity where products are sold or bought, where people are employed, where services are licensed, and more.
A valid contract
A valid contract needs to consist out of:
- The offer – One party must state their terms. If the other party agrees to the conditions and accepts it, the contract is complete.
- Agreement – But, both parties must agree to the terms. If one of the parties is not happy, it is not yet a valid contract. Only when all counteroffers have been considered and accepted, the contract is complete.
- A give and take – both parties contribute something to the contract. For example, if it is an employment contract, the employer gives up money in return for the potential employee’s labor.
An informal intention is not a contract. Both parties must agree to be bound by the contract. But, a contract can be implied. For example, if you order a lunch at a restaurant, you have implied contract that you are going to pay for it.
A contract can be oral, but it is better if everything is written down. An oral agreement can still be enforced, but it will have to be proved that it existed. This can be very hard to do.
Business can hardly be conducted without contract law
Contracts are important and lawyers who draft and negotiate contracts play an important role in making the processes run smoothly.
Kimberly Schultz can help you understand the meaning of a proposed contract so that you can make the best possible decision. When there is a contract dispute, she can help resolve the situation so that it is favorable to both parties involved.
Contracts can be complicated, but with Kimberly Schultz at your side, you can be sure that your contract will be looked at in detail and that you will receive the best advice.