Offers Explained

According to U.S. legal theory, advertisements are not generally considered offers in the sense of being legally binding and applicable toward the establishment of contractual agreements. As such, offers which do possess legal force under the theory and practice of contract law must include, among other things, an individual whom is specifically targeted and can accordingly be identified as an “offeree”.

Additionally, advertisements are excluded from the legal definition of offers due to their absence of another component: legally binding terms included in the offers. Advertisements, to this end, may be identified under legal terminology not as

offers but, rather, as invitations.

Advertisements are thus not offers in their most basic form, but may possibly be designated as such if additional terms are added to the advertisement, such as offering special incentives for people to take advantage of a service. Otherwise, advertisements cannot be litigated in the same way as offers.

Read This Before Entering Into A Quasi Contract

What is a Quasi Contract?

A quasi-contract is a fictional contract that was created by courts to promote equitable treatment. As a result of this definition, a quasi-contract is not an actual, legally-binding document, but instead a legal substitute for a contract that is formed to impose equity between two distinct parties.

The basic concept of a quasi-contract is that a contractual agreement should have been formed in situations where such an agreement was not realized. The quasi-contract is thus used when a court system feels as though it is appropriate to create an obligation to avoid an injustice and to promote equality between two parties.

In most cases, the actual existence of a real contract is required for a defendant to be held liable for services rendered; however, in many jurisdictions throughout the United States, under certain circumstances, a plaintiff may be entitled to seek restitution under a quasi-contract.

Basic Elements of a Quasi Contract:

The basic elements of a quasi-contract require three fundamental principles. The first element is that the plaintiff furnished valuable goods or required specific services to be rendered with a reasonable expectation of being compensated if the defendant breached or failed to meet these expectations. Secondly, the defendant must knowingly have accepted the aforementioned goods and obtained a direct benefit through this acceptance.

And lastly, the defendant must receive benefits by the goods or services that are regarded as unfair in situations where the plaintiff received no compensation.

In a standard, legally-binding contract, both parties agree to the stipulations of the deal and the surrounding subject matter, to affirm the agreement and to make the contract binding, the parties enter into an oral or written agreement prior to exchange of goods or services.

In a quasi-contract; however, one of the parties does not intend to enter the contract. Even though mutual assent is not achieved, the court can decide to create a contract to promote fairness between the two parties.

In most instances, a quasi-contract is created when disputes over payments of goods or services arise between two parties. When these situations arise, the remedy for a quasi-contract is typically limited to whatever is necessary to prevent the presence of unjust enrichment obtained by one of the parties.

This typically means, in regards to the creation of a quasi-contract, that damages are restricted to the cost of the plaintiff’s materials and labor. In these situations, profits are excluded on the grounds that it is unfair for a party who did not want to enter a contract to pay the profits to the other party.

Important Facts to Know When Refusing To Sign A Contract

Contact law encompasses a variety of types of contacts. In many cases, the rules and laws apply to all contracts. However, there are some specific laws which only apply to certain contracts.

For example, if an individual refuses to sign an updated contract, the repercussions would depend on the type of contract. In some cases, there is no recourse if individuals refuse to sign an updated contract, and the other party could in fact be charged with breach of contract if they refuse to honor the old contract.

For example, employers that distribute a new contract may request that all employees sign it. If an employee refuses to do so, they are still under the old contract. If that employee were terminated based on the new contract, the employer could be charged with breach of contract for the original contract.

Your Guide to Understanding Contract Management Software

What is Contract Management?

Contract management, is the management of contracts that are created between customers, partners, vendors or employees. The field of contract management includes negotiating the terms and conditions present in these contractual agreements, while subsequently ensuring that stipulations within the contract adhere to compliance issues designated by the underlying company or industry.

In addition, contract management entails the documenting and agreeing on all changes that may come to light during the implementation and execution of such contractual agreements.

Contract management can be best summarized as the formal process of efficiently managing the creation of a contract, along with expediting the execution and required analysis of the contract. The systematic approach of contract management is required to maximize the financial and operational capabilities and performance of the underlying parties. In addition, contract management is undertaken to mitigate the risk associated with a contractual agreement.

Contract management deals with contractual agreements that are made in a commercial setting; common forms of commercial contracts will include employment letters, purchase orders, sales invoices and utility contracts.

The more complicated forms of commercial contracts will include contractual agreements regarding constructions projects, the exchange of goods or services that are regulated by a government authority or require the delivery of technical specifications, intellectual property agreements and issues revolving around international trade.

Contract Management Software:

The majority of large corporations in the United States, actively manage and maintain nearly 50,000 contracts at any given time. The majority of these contracts, are managed in a tradition or manual sense; however, approximately one quarter of such companies have recently implemented a form of contract management software to expedite the management of such contracts.

Contract management software is an automate program to help streamline the creation and negotiation of a business contract; contract management software achieves such functions through compliance and renewal and through exhaustive monitoring of the underlying contracts. Contract management software requires the programs to maintain a corporate contract, to improve a respect company’s access and visibility in regards to the control of contracts.

The majority of contract management software will also enable the corporation to create and observe warehouse standard contracts and business terms and conditions for such contracts through various templates. Other forms of business contract management software will utilize a Service Lifecycle management program, which will bundle contract management with all other forms of management in relation to service-based operations.

This function enables the contract management software to improve the company’s customer retention; through these various functions, the average piece of contract management software will allow companies to better achieve savings during procurement negotiations and procurement spending. In addition, contract management software, will enable the using corporation to improve sales effectiveness and increase compliance by allowing contracts to ultimately drive day-to-day operations.

Verbal Contract V. Written Contract

Contract law in the legal context of the United States generally allows for a contract which is called into being by the exchange of verbal expressions to be as valid as one which is set forth in writing. This general provision for a verbal contract may, however, be modified in certain jurisdictions by specific contract law requirements for a contract to be set down in specific circumstances and toward specific ends. Moreover, contract law for an area may or may not provide for the difficulties which can arise in carrying out a verbal contract.

The lack of a written contract can present problems in terms of the lack of proof as to what was agreed to under contract law. As such, judges administering contract law may be forced to apply a standard of fairness in order to resolve the contract dispute. In this way, a verbal contract, while valid, may not be effective.

Easy Guide to Contract Law

What is a Contract Law?

Contract Law is the legal field that undertakes the regulation, establishment, and oversight of legislation pertinent to contracts; contracts are defined as legally binding agreements whose expressed legality upon construction is required in order to substantiate the authenticity of the contract itself. A contract will typically include at least 2 entities who must agree to participate within the expressed stipulations and terms illustrated within the text of the contract. A legal contract will typically include 4 primary components:

An ‘Offer’ is the initial provision of the terms expressed within the contract

‘Acceptance’ is the agreement enacted by both parties with regard to participate in the contract

A ‘Counteroffer’ is an acknowledgement of the terms expressed within the contract – a counteroffer is not synonymous with the endorsement of a contact

The ‘Consideration’ is the identification of valued items that may be used as collateral in the event of a breached – or broken – contract

What is an Illegal Contract?

The precepts within Contract Law define an illegal contract as a contractual agreement deemed to be absent of the required satisfaction of legal statutes necessary for the contract to be viewed as legal. Within contract law, contracts may be deemed as illegal due for the following reasons:

The inclusion of a minor as a party to the endorsement or creation of a contract is considered to be illegal; as a result of their legal rights and liberties – in accordance with their respective age(s) – a minor is considered to be ineligible to endorse a contract

Contract Law states that the forced endorsement of a contract, which is defined as the participation in either the construction or signing of a contract under duress or threats imposed renders the contract to be illegal

Contract Law states that contracts or agreements including the implementation or involvement of products, services, or activities considered to be illegal within the jurisdiction in which the contract was constructed or endorsed is rendered as an illegal contract

Contract vs. Agreement

Although the definitions of the two terms tend to become blurred both through misuse, as well as varying terminology, the precepts of contract law express that a contract and an agreement are not synonymous. While a contract may include a variety of agreements within its content, the primary difference between a contract and an agreement lies in the fact that the failure of one – or both parties – to adhere to the terms expressed within an agreement will typically be unable to result in legal action or punitive recourse. Conversely, the violation of the terms of a contract – upon that substantiation of that contract’s legality – may be subject to legal action or punitive recourse.

Contract Law Trials and Hearings

With regard to the legal review of contracts, Contract Law will oftentimes integrate the statutes expressed within tort law; a tort is derived from the French word meaning ‘wrong’ with regard to a wrong suffered by or upon an individual in conjunction to the involvement of another individual or entity:

Upon review of a broken – or breached – contract, the precepts of contract Law implements the legal procedure in which individual responsibility and action is classified and weighed without the mention or facilitation of a binding and legal contract

The analysis of any or all respective liability and participation is evaluated through litigation, case review, and witness testimony with regard to a broken or breached contract

Contract vs. Agreement

The essential differences between a contract and an agreement are minor. In essence, a contract’s outline is more formal and more rigidly presented than the terms outlined in an agreement.

A contract is a legally binding agreement reached between two parties, the terms of which the courts have the authority and obligation to enforce. An agreement is a less formal creation of an obligation between the two parties.

An agreement usually lacks one or more of the essential elements that are required to be present in order to form a valid contract that will be considered legally enforceable by a court of law.

Contracts outline the terms of the relationship that should be formed between the two parties to the contract. An agreement also outlines the terms of the relationship between the two. However, the difference is that the contract’s outline is far more rigid than that of a contract.

The essential difference between an agreement and a contract is that typically an agreement will only modify a contract that is already in place but does not place an obligation on either one of the parties to provide consideration to the other party, which a contract requires. A contract can involve the exchange of promises between the parties to the contract, while an agreement may simply involve one party accepting the offer from another party.

All You Need to Know About the Roman Law

What is Roman law?

Roman law was the formal legal system of ancient Rome; Roman law accounts for the legal developments that occurred before the seventh century AD. During this period, the Roman-Byzantine state adopted Greek as the official language for the governing bodies of the land.

The development of Roman law took more than a thousand years of jurisprudence, for it evolved from the Twelve Tables to the Corpus Juris Civilis, which was ordered by Justinian 1.

The Justinian Code, a formal Roman law that arose from the aforementioned jurisprudence, served as the basis for legal procedure throughout continental Europe, Ethiopia and the majority of former colonies of European nations.

Development of Roman law:

Before the Twelve Tables were formulated, private law in Rome was comprised of civil law and was applied only to Roman citizens. The earliest formation of Roman law was bonded to religion with distinct attributes related to formalism, conservatism and symbolism. This foundation of a legal field was predominantly governed by the ruling king; the majority of citizens lacked fixed rights under this framework.

The first formal text of Roman law was developed through the Law of the Twelve Tables. The Law of Twelve Tables was created in the middle of the fifth century BC; TerentiliusArsa, a plebian tribune, proposed that Roman law should be affirmed in writing, to prevent magistrates from applying arbitrary laws.

After years of political struggle, the plebian class convinced the patricians to form a delegation and meet in Athens, to affirm the laws of Solon through written documentation. In 451 BC, ten Roman citizens were chosen to record the laws; during this process, the men were given supreme political power—a transferring of power that ultimately restricted the authority of the magistrates.

In 450 BC, the decemviriproduced laws on ten tablets; however, these laws were regarded as a meager attempt by the plebians. A second decemvirate then added two additional tablets in 449 BC; this new law, the Law of the Twelve Tablets, was subsequently approved by the people’s assembly.

Early Roman law:

Following the creation of the 12 tablets, Roman law began to formulate itself into the ruling framework over the land. Many laws of the 12 tablets ultimately created a modernized society that effectively managed the behaviors of citizens through the institution of an affirmed legal code.

Early Roman law consisted of numerous laws that ultimately formed a balanced society; for instance, laws were created to allow the marriage between plebeians and patricians—a fundamental law that effectively agglomerated society through the destruction of social barriers. Another important statute of early Roman law is regarded as the root for modern tort law; LexAquilla, the name of the statute, provided compensation to the owners of property that was injured by another citizens’ fault or negligent actions.

Arguably the most important contribution that early Roman law possessed was not the enactment of statutes, but the emergence of a class of jurists and the creation of a legal science.

What are Sample Contracts

Using sample contracts can help individuals to create contracts that will adhere to the basic tenets of contract law while still being able to adapt to the contract in question to adhere to and suit the particular needs of the contractual situation in which they find themselves. Contract forms may be created that will provide blank spots in the sample contract into which a party will be able to affix their name or any other relevant information needed to transform the sample contract form into a legally recognized valid contract.

Contract forms can exist for the sale of goods, to form employment contracts, to create a relationship between a landlord and tenant, to form a legally valid will or trust, to form consent or release documents, and to create contracts for marriage or cohabitation.

Other examples of sample contracts include: event contracts; household services contracts; durable power of attorney contracts; medical directives; other health and medical contract forms; a variety of job contract forms, such as independent contractor agreements, consultation contract forms, project management contract, or a sample contract for bidding on a job; professional services contracts, such as a sample contract for child care, sample contracts for models, contract forms for a lien, a housing board contract, a sample contract for maintenance, or model, painting, or photography sample contracts; contract forms for real estate sales, rental contracts, general sales contracts, or miscellaneous other forms of contract.

Act for the Prevention of Frauds

The Act for the Prevention of
Frauds and Perjuries was an English law established in 1677 in order to prevent
perjuries in regards to legal contracts and agreements. It is from the Act for
the Prevention of Frauds and Perjuries that the Statute of Frauds was taken.

The Statute of Frauds is a
legal policy that requires certain contracts to be created in written form.
Unlike many agreements, these specified contracts are not legally binding
unless a written contract is created to regulate and govern these agreements.

Many agreements are covered
under the Statute of Frauds, including contracts related to marriages and real
estate transactions. This policy, which was initially detailed in the Act for
the Prevention of Frauds and Perjuries, continues to be used in many locations
today. In the United States, certain agreements cannot be considered legally
binding unless they are accompanied by a written contract.

Contract Law

Oral Contract Vs Implied Contract?

Important Facts to Know When Refusing To Sign A Contract

Offers Explained

Read This Before Entering Into A Quasi Contract

Important Facts to Know When Refusing To Sign A Contract

Your Guide to Understanding Contract Management Software

Verbal Contract V. Written Contract

Easy Guide to Contract Law

Contract vs. Agreement

All You Need to Know About the Roman Law

What are Sample Contracts

Act for the Prevention of Frauds

Easy Guide to Contract Law

All You Need to Know About Sustainable Construction

Contractor Explained

Find Out All You Need to Know About Construction Worker

Important Facts About Breach of Contract

Read This Before Entering Into A Quasi Contract

All You Need to Know About the Roman Law

Must Know Facts About Tenancy Agreement

Important Details on Service Level Agreement

Quick Outline of the Marital Settlement Agreement