What Are Contracts

What is a contract?

A contract agreement is a legally binding agreement that is reached between two parties under which the two parties to the contract agree to assume an obligation to each other and provide methods of remediation through the courts in the event there is a dispute about whether or not each party upheld their obligation.

Contracts law cases

Contracts law is one of the major sections of common law. Some of the most prominent contract law cases have been developed over the past several hundred years. The most prominent and influential of these contract law cases have been compiled to create the Restatement of Contracts.

Meeting of the minds

A meeting of the minds is one of the essential elements of forming a valid contract. Meeting of the minds means that both parties to the contract have agreed to the terms of the contract. It can be difficult for the courts to determine if a meeting of the minds has been conclusively established.

Deed poll

A deed poll is a legal document that binds a single party to take an action. It is different from a contract in that while a contract expresses a promise, a deed poll only expresses an intention to act. A deed of poll is commonly used in England, Wales, the Republic of Ireland, Northern Ireland, Hong Kong, and Singapore.

Contract templates

Contract templates can be used to form a general contract. A contract template may also be used to ensure that the terms of the contract are equitable to all parties involved.

Offer and acceptance

The underlying concept behind contract law is pacta sunt servanda. Pacta sunt servanda is a Latin phrase which is translated as agreements are to be kept. However, this only applies to legally valid contracts. One of the main methods of determining when a contract is valid is by determining if offer and acceptance has taken place. In the eyes of the law, the offer and acceptance is only valid if there is not a change to the offer and acceptance is unequivocal.

Consideration

Consideration is the item of value that is exchanged in a contract. Contract law is not concerned about whether or not the consideration being exchanged is of equal value. All that matters is that the consideration cannot be inconsequential.

Contract termination

A contract termination letter template can be an important resource for a company since it can help to make sure that the contract termination letter is legally valid and does not violate any laws when the contract termination letter is served. The contract termination letter should provide the reason the contract is being terminated, as well as the legal justification for the contract termination.

Boilerplate contract

A boilerplate contract, adhesion contract, or standard form contract are all synonymous terms for a contract in which the terms of the contract are drafted ahead of time. Part of the controversy behind a boilerplate contract or adhesion contract is that it may not be possible to access the terms of the contract before signing the contract, since it may be on a “take it or leave it” basis.

Sample contracts

Sample contract forms can help individuals form a boilerplate contract, although standard contracts may also be formed from contract forms for the sale of goods, to create employment contracts, or to create a standard contract that can be used with minimal customization and involvement of lawyers.

Uniform Commercial Code

The Uniform Commercial Code, abbreviated as the UCC, is a legal document that is meant to serve as a guideline for states to align with their contract laws in order to facilitate commerce. In one form or another the Uniform Commercial Code has been adopted in all fifty states, the District of Columbia, Puerto Rico, Guam, and the U.S. Virgin Islands. However, Louisiana has not adopted Article 2 of the UCC.

Contract software

Contract software to create free contract templates can be found widely online. These free contract templates can be used for personal or commercial business. Contract software can be distinct products or may be add-ons to existing software.

Contract vs. agreement

While a contract forms a binding relationship between two parties, an agreement involves a relationship that cannot be enforced by the courts. Contracts outline the obligations that are being assumed, although contracts outline the remedies if these obligations are not met.

Restatement of Contracts

The Restatement of Contracts is a widely respected legal treatise. The Restatement of Contracts is compiled by the American Law Institute.

Privity of contract

Privity of contract is the concept that only the two parties that form business contracts can sue to collect benefits from the violation of a 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.

Find Out What Meeting of the Minds Means

One of the essential tenets of contract law is that in order for a legal and valid contract to be formed in the eyes of the courts, there must be a “meeting of the minds” between the parties forming the contract. The parties to the contract can be individuals, or a legal entity can be entered into a contract by an official in a position of power in the legal entity.

However, establishing the existence of a meeting of the minds is very difficult for the courts to determine. If there is any dispute about the terms of a contract before a meeting of the minds develops, the courts will show a preference to interpret the terms of the contract in a way which does the least harm or damage to all the parties involved.

A meeting of the minds may also be found to not exist if the contract fails a “reasonable man” test. The reasonable man test is that a normal person with the range of knowledge that a person of a similar background to the person disputing some or all of the terms of the contract, would have reasonably interpreted the contract in a particular manner. The reasonable man test can be influenced by the specific individuals who are involved in the contract at issue.

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.

Understand Your Rights As An Employee

What are Employee Rights?

Employee rights are the personal freedoms and privileges given to individuals who work in the United States, as well as other developed nations. Employee rights are affirmed through employment laws; in a general sense, employee rights are awarded to working individuals to protect their interests and safety in the workplace.

The most basic and fundamental employee rights will offer the working individual the right to time off work, to contribute work without harassment, and the right to receive minimum as well as overtime pay. Those individuals who work and who do not receive such employee rights possess the ability to file lawsuits against their respective employers. If found guilty of violating these basic employee rights, the underlying employer will be forced to provide the respective employee with monetary compensation and punitive damages.

Employee rights take the form of both state and federal laws; each individual state posts its own minimum wage scale that must abide by the federal scale enacted by the United States government. Employee rights regarding overtime, although up to the discretion of the particular employer, must also meet the federal guidelines instituted by the United States government.

All employees, except for those exempt such as salaried supervisors, are entitled to compensation for hours worked beyond the hours required in the individual’s particular employment contract.

Minimum Wage:

Another fundamental employee right is the right to earn a minimum wage. It is illegal, based on employee rights and coordinating employment laws, to pay individuals below the federal and local minimum wage level. No state may pay employers below the national minimum wage right, although the potential for workers in the service industry to collect tips, does enable an employer to pay a wage lower than the national level.

Time off Work:

Employee rights mandate that all employers allow their respective employees to take time off from work. The reasons for requesting time off can include the need for a vacation, family emergencies or medical leave. Regardless of the reason, an employer must satisfy this basic employee right; the amount of time off will vary based on company and the stipulations which elucidate on time off will be documented in the employment contract.

Workplace Rights:

All employees possess the right to enjoy a workplace that is free from harassment. Basic employee rights will protect workers against sexual harassment or harassment fueled by age, race or gender discrimination. If a worker is being harassed, the individual has the right to file claims with an administrative body to initiate the filing of a civil suit.

Important Requirements of Contract Law You Must Know

Contract law is the branch of law which addresses the rights and obligations which legally bind parties together. Contract law is legally enforced as a type of contract which is a certain agreement in which two or more parties agree on

specific terms. Contract law is based off of the Latin phrase “pacta sunt servanda”, which means agreements to be kept.

Contract law is regulated and enforced by the court system. Contract laws consist of the protection and regulation of: trusts, wills, loans, and work contracts.

If a person breaks a contract it is known as a breach of contract and the person can be penalized for breaking a contract law. Generally, for a contract to be accepted in contract law, it must consist of certain requirements. Some requirements include:

Consent to contract;

Intention to create a legal relationship;

Lawfulness of purpose; and

Mutual agreement and acceptance of the contact.

What You Must Know About Withholding Employee Wages

Employers are
legally allowed to withhold employee wages when state, local, or Federal law
requires them to do so. The Federal law of the United States actually requires
employers to withhold wages to satisfy payroll tax requirements administered
through the Internal Revenue Service.

The payroll
tax requirements are used to fund Federal income tax, Medicare tax, and Social
Security tax. If an employer did not withhold employee wages, there would be no
way to fund such programs or levies. In addition, if local law requires it, the
employer is also required to withhold wages for state taxation.

As a result of the tax responsibilities, all
employers withhold a certain percentage of an employee’s wages. That being
said, employers are not allowed to withhold wages for any circumstance that is
not aligned with taxation or funding company programs or benefits. Withholding
wages without reason is illegal under United States employment law.

Contract In Depth

A contract is a legal document which may be enforceable by legal action or by binding arbitration. In order for this to be true, however, the contract agreement must meet several important requirements.

There must be a compensatory remedy for the contract under which the party which defaults is required to pay monetary compensation that would have otherwise been provided had the contract agreement been upheld, or an equitable remedy, which can also be called Specific Performance. The equitable remedy, or specific performance, compels an individual who enters into a contract agreement to carry out the action against which they have attempted to renege on their obligation.

In order for a contract to be valid, the contract must involve unqualified, or “mirror”, acceptance. In order for a contract agreement to be valid, all parties must have the capacity to contract, and the terms of the contract cannot be trifling, indeterminate, or impossible. In the eyes of the law, a contract cannot be entered into to compel illegal action.

Although a contract is usually written in order to compel action, a contract agreement can also be created which will prevent a person from performing an act which they have the legal capacity to perform.

If a contract agreement is breached, legal remedies may be provided to address that breach.

Contract law, the legal field that specializes in the legal disposition of contracts and contract agreements, generally adheres to the Latin motto “pacta sunt servana,” meaning “pacts [agreements] must be kept.”

All You Need to Know About Restatement of Contracts

The Restatement of Contracts is one of the most widely recognized and most frequently cited legal treatises that is part of jurisprudence in the United States of America. It is taught to most American law students during the first year of law school. It is the most-cited non-binding authority in common law in the United States.

The Restatement of Contracts is a peerless work in terms of overall influence and recognition among individuals on both the bar and the bench. The only possible rival for its recognition is the Restatement of Torts. The Second Edition of the Restatement of Contracts was begun in 1962, with the American Law Institute completing its compilation in 1979.

The general purpose of a restatement of the law is to allow judges and lawyers to have a general understanding of a set of treatises on legal subjects. The Restatement of Contracts allows individuals to have a general understanding of the principles of contract law. The Restatements of Contracts is one of the twenty three Restatements compiled by the American Law Institute.

The Restatement of Contracts is not legally binding, but it carries a great deal of weight and is highly persuasive because it represents the thoughts of prominent legal professors, practicing attorneys, and judges. The Restatement of Contracts is a reflective consensus reached by the American legal system and professionals, both of what the law is and, in rare cases, what the law should be.

Quick and Easy Contract Law Cases

Contract law cases can be classified under the general law of obligations. The general category of the Law of Obligations includes Torts Law, Unjust Enrichment Law, and Restitution Law, besides Contracts Law.

One of the most famous contract law cases is the case of Carlill v. Carbolic Smoke Ball Company. Although this case of contracts law is included in English contract law cases, the relevant principles of contracts law in the English system were adapted to the American courts.

Carlill v. Carbolic Smoke Ball Company is one of the most famous contract law cases since it involved a manufacturer who offered a flu remedy called a “carbolic smoke ball.” The makers of the smoke ball, the Carbolic Smoke Ball Company, advertised in a newspaper that buyers who developed the flu despite using the smoke ball properly would be given 100 Pounds as a refund.

The Company claimed that the advertisement was not a serious offer, but the judges in the case ruled that because there was a statement from the company that they had deposited money in an account so that they would be able to make the payments if there were any claims, a reasonable person had cause to believe that there was a sincere offer, thus meeting the requirement that there be an offer and acceptance to form a contract.

Contract Law

Deed Poll

Important Requirements of Contract Law You Must Know

What Are Contracts

Contract vs. Agreement

Find Out What Meeting of the Minds Means

Read This Before Entering Into A Quasi Contract

Understand Your Rights As An Employee

Important Requirements of Contract Law You Must Know

What You Must Know About Withholding Employee Wages

Contract In Depth

All You Need to Know About Restatement of Contracts

Quick and Easy Contract Law Cases

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

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Important Details on Service Level Agreement

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