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Contract Law

People frequently enter

into contractual agreements, almost unwittingly, without giving serious thought about the formation of that contract or the legal consequences thereof.

Contracts can be as familiar as a service provider contract, such as a cell phone plan. However, other contracts are complex or govern subjects of an important nature. In these situations, the parties should seek the counsel of an attorney.

CONTRACTS 101

Definition: A contract is a legally binding agreement between two or more parties. Contract formation: One party makes an offer to do something in exchange for payment or other consideration, and the other party counters until each side reaches mutually agreeable terms. Generally, a contract is formed as follows:

1. Offer;
2. Acceptance;
3. Consideration;
4. Mutually agreeable terms

BASIC TYPES OF CONTRACTS:

  • Written
    It is prudent to secure a written contract because it alleviates misunderstandings or dishonest dealings.

  • Verbal/oral
    The Statute of Frauds proscribes which types of contracts cannot be oral and must be in writing in order to be legally enforceable, such as the sale of real estate.

  • Implied in fact
    An implied contract is not written or oral, but is formed by the conduct of the parties. A simple example is dining at restaurant. There is an implied contract that you will pay for your meal before you leave the restaurant.

  • Negotiate terms of your potential agreement

  • Review and interpret your contract

  • Seek to modify terms of an unfavorable contract

  • Legally enforce your existing agreement

  • Defend you during a contract dispute/ breach of contract



  • Disclaimer: The information and material provided on Jones Legal's website are intended for informational purposes only. They are not intended as legal advice, or intended to establish an attorney/client relationship, and should not be construed as such.

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