While it may seem like a simple concept, there is so much more to contract law than meets the eye. Consisting of an agreement made by two or more parties, a contract can include anything from sales to employment, to settling a dispute. In order for a contract to be legal and enforceable, these elements must be in place:
- Mutual consent: Both parties must have a mutual understanding of what the contract entails, this includes a level of competence on both ends.
- Offer and acceptance: A contact must involve an offer to a party and an acceptance by that party to the agreed terms.
- Mutual consideration: The thing offered must be something of value.
- Performance/delivery: The action must be completed. If it is not, then it is considered a breach of contract.
- Good faith: The parties are entering the contract not intending to trick the other.
- In accordance with public policy: Illegal actions are not considered valid contracts.
Anywhere in these six steps there can occur a breach of contract, in which case legal proceedings may be necessary. Get a business lawyer who understands your position best. At Sutton Sachs Meyer PLLC, you can count on our attorneys to deliver the results, give the advice, and be the support you need. Contact us today for your free, no-obligation consultation.