Understanding Contract Law

Guidance in Contract Formation, Enforcement and Disputes

A very important part of doing business that affects individuals and corporations alike are contracts. A formalization of an agreement between two or more parties, a contract is generally in relation to a specific subject or matter of business, such as the sale of property or goods, establishment of the terms of employment, or the settlement of a dispute. If you are in need of developing a legally solid contract or require help when a dispute arises, a quality business law attorney will most likely be well-prepared to help you.

Important Aspects of a Contract

There are many elements in the formation of a contract which are critical to its enforceability. Mutual consent - that is, an understanding of what a contract covers by all involved parties - must be reached. A contract generally involves an offer from one party to another, and there must be acceptance of this offer. A "counter-offer" is not an acceptance, but is usually viewed legally as a contract rejection.

Something of value must be exchanged as part of a contract, and actions that are contracted must be completed or "performed." If all parties involved are not acting in good faith, then a contract will not be enforceable, and there can be no violation of law or public policy included in an enforceable agreement. It is always a wise practice to obtain contracts in writing, as it protects everyone involved. Oral agreements can be very difficult to prove and enforce.

Obtaining the Proper Los Angeles Business Litigation Lawyer

It is good practice to involve a skilled business lawyer in the drafting and implementation of any contract so as to avoid future problems. Many misconceptions and practices, though done in good faith, can lead to trouble should a dispute arise. Whether you need help forming or enforcing a contract, The Mirkhan Law Firm can assist you. Dedicated fully to our clients' success and well-versed in matters of business litigation, our team takes pride in serving justice with the highest standard of ethics.

We look forward to hearing from you so do not delay calling our office today!