Contracts are a part of your everyday life. They can be for something as simple as pumping gas and paying the attendant to something as complex as buying a house. A contract is simply an agreement between two or more people where there is a promise to do something in return for something else. A contract consists of: 1) an offer, 2) an acceptance, 3) a promise to perform the terms of the contract, 4) payment for services provided, 5) specific terms of the contract (time and place), and 6) performance. A contract can be verbal or written. A verbal contract is harder to enforce then a written contract.

When a person does not follow through on any part of the contract, the contract is “breached”. When the other party is in breach of contract you have several rights. You can continue the contract and be compensated for any damages the contract may have caused or you can end the contract. In the latter, you are relieved of your duties under the contract and can demand damages that resulted from the offending party’s breach.

A contract has a streamlined process that must be adhered to for it to be valid. At any point in the negotiation, a contract can be void if the procedure is not followed to the fullest extent of the law. The lawyers at  Isaac, Brant, Ledman & Teetor LLP make sure you are apprised of all the nuances when you are entering into a contract and likewise can spot abnormalities to protect you against fraud.