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A contract is basically an agreement between two or more people which creates an obligation to do, or not do, something. The agreement creates a legal relationship of rights and duties. If one side fails to live up to his or her part of the bargain, there's a "breach" and the law provides certain remedies for solving the differences.
A contract can take several forms, it can be written on a piece of paper and in certain circumstances it can even be oral.
There are three factors necessary to create a contract: 1) an offer, 2) acceptance, and 3) consideration. One party makes an offer, the second party must accept the offer and there must be consideration exchanged. Consideration has to be something of value.
For a contract to be valid, each party must have the capacity to enter into it. Most people and companies have sufficient legal competency. A drugged or mentally-impaired person has impaired capacity and chances are a court may not hold that person to the contract. Generally, minors cannot enter into a binding contract without parental consent, unless it is for the necessities of life, such as food, clothing, or for student loan contracts. For a contract to be legally enforceable, not only do all the parties to the contract have to have the capacity to enter into it but there must be consideration if all parties are to be held to the contract. No side can have a free way out or the ability to obtain something of value without providing something in exchange. Examples of compensation are Money, property, giving up a right or valid claim, making a promise to do or not to do something, or anything of value.
Contract law is the law that governs contracts. Specifically, it covers the legal implications of a contract. For instance, contract law determines what is and is not consideration, whether a contract was actually intended, if the parties making the contract were legally competent, whether there was fraud or duress involved, or how a contract is terminated.
Contract lawyers provide legal representation to draft contracts including purchase and sale agreements, business forms, licensing agreements, employment agreements, and other contracts. In addition, contract lawyers assist clients in litigation commonly associated with contracts including breach of contract suits, suits to enforce an agreement, and fraudulent contracts.
Contracts and contract suits can be complicated and involve different parties with different interests. Kokolakis & Associates, P.C. can help to eliminate stress by working directly with you to represent YOUR best interests. John Kokolakis exhaustively covers all legal and contractual issues to ensure maximum recovery. He understands that excellence requires focus and dedication.
John Kokolakis is qualified to discuss, draft and review your contract. If necessary, even initiate a law suit in the event of a breach. If you wish to consult with an attorney when considering a contract, John Kokolakis and his support staff at Kokolakis & Associates, P.C. are readily available to meet with you to discuss your particular concerns, needs and desires.
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