Contracts – What Are They and How Do You Protect Yourself?
Contracts govern many of our day-to-day personal and business transactions. Many of us, knowingly and unknowingly, enter into written or oral contracts. Whether it pertains to the sale of a good/item, an agreement to sell property, or business-related agreements, contracts govern the way we conduct ourselves in many avenues of life. However, a valid contract is essential to its enforceability. A contract requires the following: 1) an offer, 2) acceptance of the offer, and 3) consideration. An offer places the non-offering party in a position to accept or reject the offer’s terms. Acceptance typically mirrors the terms of the offer, however, depending on the transaction, acceptance does not always have to mirror the offer’s terms. Lastly, consideration is a legal benefit, a legal detriment, or both.
A breach of contract occurs when one party fails to abide by or follow the terms of the agreement. Many disputes arise pertaining to a party’s alleged breach of contract. With a carefully drafted contract or astute attorney on your side, many contractual disputes can be avoided or resolved. While contractual disputes may seem daunting, an experienced attorney can help you navigate all of your contractual needs. Khaleel Martin is an attorney here at Olive Judd with ample knowledge and expertise in this area of the law. He can be reached at 954-334-2250 or firstname.lastname@example.org.