Understanding Basics of a Contract

Posted on July 9, 2017 · Posted in business litigation, contracts, employment law

Although most understand on the surface what a contract is, it may not be as evident some of the qualities a contract may have. Understanding the basics of a contract can help you know what to look for and what to expect when working on a contract between two parties.

First of all, a contract is, on the most basic level, a legally-binding and enforceable agreement between two or more parties. It’s essentially a legal promise to do or not do something with another party.

When one party fails to perform their duties as laid out in the contract, they may be in breach of contract. Because a contract is a legally-binding agreement, there may be legal ramifications if someone is in breach of contract.

There are different types of breaches of contracts and an experienced employment lawyer can help you fight for your rights.

Four elements make up every contract. First there must be an offer. Secondly, there must be an acceptance of the offer. Next there must be an intent to create a legal relationship and finally there must be money or another consideration involved.

A contract may be invalid even if these four elements exist if it entices someone to commit a crime or it is illegal, if it is entered into by someone who lacks the capacity to fulfill the contract or if it was agreed to through misleading or deceptive ways.

If you are presented with a contract, it is imperative to work with an experienced employment attorney who can make sure your best interests are represented. Call our office today for your initial consultation with our experts.