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What Is A Contract?

What is a Contract?


What is a Contract?

A contract is a legally binding or valid agreement between two or more parties.  Contracts can be oral or written. The law considers a contract valid when the agreement contains certain elements such as an offer, acceptance and consideration.

An intention between the parties to create a binding relationship must exist. The contract itself must be legal (legality of the agreement) and the parties must have legal capacity to act.

What is a Breach of Contract:

If you feel you have suffered a loss due to a contract, call for a consultation.

When a failure, without legal excuse, to perform any promise that forms all or part of the contract occurs, a breach of contract may exist. Many reasons exist for a breach of contract such as failing to perform a condition or obligation of the contract,  acting in a way prohibited by the contract, failing to make payment and many other reasons.

A breach can be material or immaterial. Material breaches (total breach) occur when a duty is not performed and the non-performance is essential to the main purpose of the contract such that the contract cannot be fulfilled.  An immaterial breach (partial breach) occurs when most of the duties of the contract are performed but a minor aspect of the contract is breached. It does not go to the heart of the contract.

It is important to establish facts and have evidence to build a credible case for a breach of contract. It is important to prove that a  contract existed, that the contract was broken, money was lost and that the other party is responsible.

Statute of limitations varies as to contracts (if oral or written).

Call LENA LAW  for a consultation 626-584-0043