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Contract Law

Quick and Easy Contract Law Cases

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.

 

Important Requirements of Contract Law You Must Know

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.

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.

 

What are Sample Contracts

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.
 

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.

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. 

What Are Contracts

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.
 

Easy Guide to Contract Law

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 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.”

What Does Without Recourse Mean

What Does Without Recourse Mean

Without recourse is a legal
phrase used by an endorser of a negotiable instrument to signify that if the
payment of the instrument is denied or refused, the endorser will not be held
responsible. An
endorser is an individual who signs a document that didn’t originally make it.

The negotiable instruments involved with this
definition typically refer to business or personal checks or promissory notes.
An individual who endorses such an instrument will attach the phrase
“without recourse” to specifically decline the responsibility of
payment. Through the incorporation of this phrase, the endorser declines
responsibility by virtue of the endorsement and becomes merely the assignor of
the title to the negotiable instrument.

The without recourse clause is governed by the
broader laws associated with the distribution of Commercial paper, which is
codified through the Uniform Commercial Code of the United States Federal
Government. As a result, a without recourse attachment will be honored by all
courts assuming basic requirements are met.

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