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Contract Law

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.”

Where Can I Find Sample Contract Forms?

Where Can I Find Sample Contract Forms?

Using sample contracts can help
individuals create contracts that will adhere to the basic tenets of contract
law while still being able to adapt to 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 fill in 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 contracts, project management contracts, or contracts for bidding
on a job; professional services contracts, such as a sample contract for child
care, for models, contract forms for a lien, a housing board contract, a 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 contracts.


Simple Guide to Verbal Contracts

Simple Guide to Verbal Contracts

In the
United States, verbal contracts will usually refer to unwritten or oral
contracts. An unwritten contract will usually mean that the contract or
agreement was made through the use of spoken words as opposed to formally
writing and entering into record the provisions of said contract.

The United
States has laws that will recognize verbal contracts in a court of law and
enforce the agreed upon provisions in the case of a dispute. However, because
verbal contracts are oftentimes unwritten contracts, there will be inherent
problems involved in a legal dispute surrounding verbal contracts.

The most
common issue which arises is that verbal contracts are extremely hard to prove
to have ever actually occurred in the first place. Evidence such as witnesses
and an overall preponderance of evidence will be necessary to prove that a
party violated verbal contracts. Therefore, it can be deemed that unwritten
contracts, as opposed to formally written contracts, are not weighed as heavily
or given the same legal merit in a court of law due to the lack of actual
physical evidence of the contract.

Contractor Explained

Contractor Explained

What is a Contractor?
A contractor is an individual or company who is responsible for the day-to-day operations and oversight of a construction site. In addition to these functions a contractor will also manage the transactions involved in the site, primarily trades and deals with vendors.
A contractor is also responsible for keeping touch with the general contractor and the involved parties involved throughout the course of the project. 

Price Evaluation Process:
Before starting a construction project, a contractor must visit and assess the construction site. Upon evaluating the piece of property, the contractor will formulate a price, referred to as an estimate. The contractors will then evaluate the cost of all materials, equipment, as well as the cost of labor. After analyzing the expected cost of the project, the contractor will provide the owner of the building with an approximate price for the construction process. 
Following the delivery of the expected price for the project, the contractor will draw up contracts. These contracts will elaborate on the budget and the conditions revolving around the plans and specifications of the project. The contractor will utilize a design professional, such as an architect, to better evaluate the necessities of the project. That being said, in the majority of construction sites, the contractor will also act as the project engineer or the project manager. 

What is a Contractor Responsible for?
A contractor is responsible for providing the construction companies and the individual workers with all material, including labor, equipment and those services necessary for the construction of the project. In order to accomplish these tasks, the contractor will incorporate specialized subcontractors to perform specialized tasks or portions of the construction process. 
The responsibilities of the contractor will vary depending on the size and complexity of the construction project. In general; however, a contractor will be responsible for providing or accomplishing the following tasks: filing for building permits, securing the property, managing the workers on site, providing temporary materials and utilities on site, providing engineering functions and surveying for the site, disposing of wastes left over by the construction process, monitoring the schedules of workers, balancing the costs of the project and maintain accurate records regarding the finances and the construction process as a whole.


Example of a Contractor’s work:
An owner of a building or a real estate developer will develop a program based on their needs and subsequently choose a site. An architect will then assemble a design team of engineers and other experts to design the building and pinpoint specifications needed for construction. During this phase, the contractor will frequently participate in the design efforts by providing services where they will aid in providing price estimations and information revolving around scheduling. 
The owner, contractor and architect will then work closely together to meet the deadline and budget of the project. The contractor will work with subcontractors to ensure that all quality standards have been met, in addition to the budget and timeline.  

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. 

Make Sure You Know the Basic Principles of Law of Contract

Make Sure You Know the Basic Principles of Law of Contract

What is the Law of Contract?
As is common with the majority of legal principles, the basic fundamentals of contract law will vary by jurisdictions throughout the United States. In all jurisdictions; however, a contract must require an offer, a subsequent acceptance or agreement to the stipulations within the contract, and consideration.
These characteristics are in essence, the foundation for a document to be regarded as a legally binding and valid contract.
 
Basic Principles of the Law of Contract:
The law of contract states that the first step required to form a valid contract is that an offer must be formally made by one of the parties to another. A common example to elucidate upon this principle is found in the sale of property; the purchaser, in this example, must make an offer to purchase the underlying property. This offer may include simplistic or complex terms, but it must be concrete and affirmed through written documentation.
Following the offer, the contract, as stated by the law of contract, must be accepted by the offered party. Using the sale of property as an example, the seller must affirmatively accept the offer; the original offer may be accepted in a written or spoken form.
If the offered party proposes a counteroffer, an acceptance is not realized. When a court determines whether or not an offer and acceptance was realized, the judicial body using the law of contract will look for a formal meeting or a concurrence of wills to decide if the requirements latent in the offer and acceptance statutes of the law of contract had been satisfied.
Lastly, the basic principles of the law of contract will require consideration to be given for the contract to maintain a legal or valid status. Consideration simply means that something of value was exchanged between the agreeing parties. In most instances, the consideration takes the form of money or an asset that holds considerable value.
In some scenarios; however, consideration can take the form of refraining from performing a function or doing something that the party is otherwise entitled to initiate. Regardless of the form, the consideration given must be sufficient, but does not need to be adequate to validate the stipulations latent in the contract.
 
Court Evaluations of a Contractual Agreement:
 
In addition to the basic principles of the law of contract, a court system, when evaluating the validity of a contractual agreement will evaluate the capacity of the party’s when the agreement was reached. The capacity to enter into a contract may be affected by numerous factors; for instance, minors do not possess the legal capacity to enter into a contract. In addition, a person’s mental state may also be considered when evaluating whether the person had the capacity or ability to enter into a valid contract.
Numerous courts will look to the legality of a contract when determining its validity. If a contract requires an individual to do something illegal, it will be deemed void on its face.

Understand Your Rights As An Employee

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. 

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. 

Promissory Estoppel Overview

Promissory Estoppel Overview

What is Promissory Estoppel?
In a general sense, Promissory Estoppel is a legal doctrine used in American law, which allows a party to recover on a promise, even if the promise was made without a formal consideration. In essence, a Promissory Estoppel prevents an individual from arguing that an underlying promise offered should not be upheld.
In addition, a Promissory Estoppel requires that a reliance on the promise was deemed reasonable and that the individual attempting to enforce the promise actually relied on the promise to his or her detriment. As is common with numerous forms of legality issues, the precise legal requirements needed to enact Promissory Estoppel may vary between jurisdictions within the United States.
A common example of Promissory Estoppel is where an employer offers an oral promise to pay an employee a monthly amount for the remainder of the individual’s retirement. If the employee relies on the promise and subsequently retires, the employer will likely be estopped, based on the principle of a promissory estoppel, from reneging on this promise to offer the monthly retirement payment.
Laws surrounding a Promissory Estoppel:
In a typical case of a promise or a contract, the law requires that a party receive consideration for the agreement. Consideration refers to a valuable asset that is exchanged between the two parties and the time of the agreement or the promise was made. Consideration can take the form of an asset, the exchange of monies, or the promise to refrain from doing something. Regardless of the form of consideration required in a contract, a consideration is needed in order to make an agreement or promise legally enforceable.
That being said, because the court system aims to achieve fairness, a legal forum will apply the doctrine of promissory estoppel in situations where a consideration is made. Even if an enforceable contract is not generated, the law may enforce the promise if a reasonable reliance and detriment are proven.
Differences between the Promissory Estoppel Doctrine and the Doctrine of Estoppel:
A promissory estoppel relies on a promise, while the doctrine of estoppel relies on a statement of fact. As a result of this foundational difference, the two doctrines complicate contractual agreements or the statement of a promise. Even if an agreement is not based on a formal consideration and even if promissory estoppel is not enforceable, because the situation did not include a promise, a court system can still enforce the “agreement” as a means to promote fairness.
This somewhat loose interpretation of promissory estoppel enables the court to impose obligations on the parties through the delivery of a quasi-contract—a doctrine that implied in law.

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. 
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