As the basis for nearly every legitimate deal agreed upon, contracts serve as possibly the most important aspect of any deal. For this reason, Contract Law plays a vital role in making sure a deal is legal and fair.
In the most basic form, a contract represents a binding contract between two parties. In its most complex, a contract can include various addendums and add-ons stipulating a myriad of different requirements based on possible outcomes and instances.
No matter what type of contract you are entering into, it is important to have it looked over by a trained professional. Our group of expert attorneys at Williams, Meservy, and Lothspeich, LLP bring decades of experience in dealing with contracts to the table and can help you adjust or structure them to suite your needs.
Elements on a Contract
While the wording and layout of a contract varies from one to the next, there are certain characteristics that must be met in order to make a contract binding.
1. Offer and Acceptance: There must be an offer made and an acceptance of that offer.
2. Consideration: A value must be agreed upon between the parties involved.
3. Mutuality of Obligation: Neither side must give substantially more than the other.
4. Capacity: All parties must have the legal competence to enter into an agreement.
While there are many other facets to a contract, without these basic principles, a contract cannot exist.
On top of ensuring a contract is legal in terms of documentation, Williams, Meservy, and Lothspeich, LLP can assist you in negotiations as well. The terms and conditions of most contracts are usually negotiable to some degree, but without the proper legal counsel, many people end up signing contracts that are not in their best interest.
Before agreeing to terms or signing a contract, consult with an attorney at Williams, Meservy, and Lothspeich, LLP to make sure you are getting the best possible deal.