Contract Law Attorneys
Contracts are promises that the law will enforce. The
law provides remedies if a promise is breached or recognizes the performance
of a promise as a duty. Contracts arise when a duty does or may come into
existence, because of a promise made by one of the parties. To be legally
binding as a contract, a promise must be exchanged for adequate consideration.
Adequate consideration is a benefit or detriment which a party receives
which reasonably and fairly induces them to make the promise/contract.
For example, promises that are purely gifts are not considered enforceable
because the personal satisfaction the grantor of the promise may receive
from the act of giving is normally not considered adequate consideration.
Certain promises that are not considered contracts may, in limited circumstances,
be enforced if one party has relied to his detriment on the assurances
of the other party.
Contracts are mainly governed by state statutory and common (judge-made)
law and private law. Private law principally includes the terms of the
agreement between the parties who are exchanging promises. This private
law may override many of the rules otherwise established by state law.
Statutory law may require some contracts be put in writing and executed
with particular formalities. Otherwise, the parties may enter into a binding
agreement without signing a formal written document.
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