Simply put, a contract is a legally binding agreement between private parties.
A contract typically involves the exchange of goods, services, money, promises, or any combination thereof. The key elements of a binding contract include offer and acceptance (a “meeting of the minds”), consideration (an exchange of value between the parties), mutuality of obligation (an equal give and take between the exchange of values), and capacity (the legal competence to enter into the agreement). All these elements must be present for a contract to be considered complete and binding by a court of law.
A contract is considered breached when the terms of the contract are not honored by at least one of the parties involved in the contract. In the event of a breach of contract, the law awards the injured party access to legal remedies such as damages and cancellation.
How We Can Help
Do you need help deciphering a contract? Is there a question of whether a contract even exists? Did a breach of contract occur? Are you interested in creating a contract? Do you need help understanding the rights and liabilities of third parties to the contract? Baxter Legal Services can help answer these questions and more. Call us today to schedule an appointment.