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Contract Law

Quick Blurb on Contract Laws

Quick Blurb on Contract Laws

Contract law is the legal
specialty that addresses the creation and execution of contracts. The rules and
regulations established in contract law indicate that a contract is a legally
binding document. Therefore, once a contract is signed by all participating
parties, these individuals are legally obligated to adhere to the conditions
outlined in the contract.

Following the authorization of
the contract, a participating party cannot choose to alter the contract. The
terms and conditions of the contract can only be altered or modified if all
parties agree to the changes. In the event that this occurs, a new contract
will need to be created. 

The new contract will detail any modifications made to
the original contract. However, if one participating party opposed the alteration
of the original contract, then the contract cannot be modified. The party who
wanted to alter the contract conditions will be required to adhere to the terms
of the original contract.

 

The Secret of Offer and Acceptance

The Secret of Offer and Acceptance

The underlying philosophical approach to contract law is pacta
sunt servanda
Pacta sunt servanda is a Latin phrase that
can be literally translated as “Pacts must be kept,” but is more commonly and
colloquially translated to mean “agreements are to be kept.” This phrase is the
essential theory behind contract law. However, pacta sunt servanda only
applies if the contract that is formed is a legally valid one.

One of the most essential
aspects used to determine if a contract is valid or not is if there is a
legally recognized offer and acceptance. The focus on offer and acceptance is
the traditional approach to analyzing whether an agreement is present between
the two parties who are in a contract dispute.

When measuring whether there is
a sufficient agreement between the two parties, there must be an offer and
acceptance. The offer is the terms that are presented to the “offeree” by the
“offeror”. In order for a contract to be formed, the offer must be accepted
unconditionally. 

If the initial “offeree” makes any changes to the terms
presented to them by the offeror, then there cannot be offer and acceptance at
that point, for the individuals have immediately swapped position. This new
offer, and acceptance of the new terms, may result in agreement, however. The
difference is largely technical, and only becomes an issue if there is a contractual
dispute between the parties.

Offers Explained

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.

What You Need to Know About Contract Templates

What You Need to Know About Contract Templates

Contract templates are used by many companies so that the company only has to have a contract drafted and examined by a lawyer or legal professional a single time. If the contract template is examined and declared to be legally valid and capable of standing up to close inspection or in a court of law, the contract template may then be used to create future contracts in as effective and efficient manner as possible in terms of both the time and money that is required to create a contract between different and additional groups. 
However, since a contract template may make use of boilerplate language, there is a danger that if the contract templates do not make the contract template’s terms easily accessible and comprehensible, the contract template may not be considered valid and might result in a party that disputes a contract that develops from the contract template. 
Contract templates are available for almost any conceivable contractual situation. A contract template may be produced by specific corporate contract software programs, or a contract template may also be used to create contracts from other templates in other, commonly available software programs and products.

Contract In Depth

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.”

Your Guide to Understanding Contract Management Software

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. 

Privity of Contract Explained

Privity of Contract Explained

Privity of contract is a legal
doctrine that holds that a business contract, along with any other type of
contract, may not confer rights or impose obligations to any person or agent
except for the specific parties that have formed the contract.

Privity of contract is most
commonly an issue which arises during business contracts that have been formed
to allow for the sale of goods or services. Horizontal privity of contract
becomes an issue when the benefits bestowed by a contract are given to a third
party or a party that was not a part of the original contract. Vertical privity
of contract involves an independent contract that develops between one signer
of the original contract and another individual or other legal entity.

There are certain circumstances
under which privity of contract may be set aside which will allow the legal
entity who is not directly a part of the business contract to be allowed to sue
to force a party to the original contract to uphold their obligations. Privity
of contract will only allow a third party to the contract to go against one of
the original parties to the contract beyond the ability to collect the third
party’s entitlement to a benefit under the contract.

All You Need to Know About the Roman Law

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. 

Oral Contract Vs Implied Contract?

Oral Contract Vs Implied Contract?

According to contract law, an oral contract is not considered an implied contract. An oral contract is an agreement that is agreed upon only by spoken communication. Although an oral contract originates from the mouth, it is common for a written contract to be created after the oral contract is stated.
In contract law, oral contracts are considered just as valid as written contracts. Some jurisdictions require that a contract be written up after an oral contract is made. Within this type of circumstance, the document must state that the original agreement was created verbally. 
An implied contract is an agreement that is not generally agreed upon. Instead, it is something that is more assumed to be followed. An example of this type of contract would be an employment contract where the employer does not specify hours but does specify the total amount of time required to be worked. 

Important Facts About The Punishment For A Breach Of Contract

Important Facts About The Punishment For A Breach Of Contract

The punishment for breach of contract may vary based on the laws
in each jurisdiction, as well as the type of contract involved. For
example, a contract such as a lease which is breached can include financial
penalties and possible eviction of the tenant.

  

Leases that are involved in a breach of contract can include
penalties for both the landlord and the tenant. If the landlord breaches the
contract, the tenant may not be required to pay rent in certain circumstances
until the contract is being honored. For example, tenants may not have to pay
rent if there is no heat or air conditioning when the temperature reaches a
certain level because the landlord has breached the contract.

 

In contrast, tenants may be evicted if they are guilty of a breach
of contract and fail to pay the rent on time.


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