Experienced Guidance In Contract Creation
You simply can’t do business without entering into contracts with other parties. It is unavoidable. However, you should be wary and cautious when entering into agreements. Misunderstandings over contractual terms, breach of contract and other contract-related issues can derail your business and cause serious problems for your operations and finances.
Southern Indiana businesses trust the legal team of Applegate Fifer Pulliam LLC in Jeffersonville to provide sound counsel and legal support for their contractual agreements. It is helpful to have an experienced lawyer help you negotiate, draft and review contracts before you enter into them. Further, our legal team can spot potential problems and help you avoid costly errors.
The Elements Of A Contract
It is important to know what constitutes a valid contract. The key elements for a valid contract include:
- Offer and acceptance: The concept seems simple. There must be a specific offer and the other party has to accept. However, there are significant nuances involved with the offer and acceptance component of a contract. This area of law goes to whether both parties have a clear understanding that they are, in fact, entering into a binding agreement.
- Bargained-for consideration: The simple explanation of this concept is that both parties have to be giving something of value. In most cases, the consideration has to be roughly fair and equitable.
- Writing: Although we always think of contracts as being written, this is not always the case. In fact, many spoken agreements are contractual in a way that they bind both parties to the performance of their end of the agreement. However, there are many types of contracts where writing is required for legal validity.
- Capacity: For a contract to be valid, both parties need to be competent and possess adequate capacity to enter into the agreement. For example, if one of the parties is legally incapacitated, that person cannot enter into a contract.
Our lawyers have a thorough understanding of how contracts work. We can walk you through the whole process and make sure to protect your interests so that you know what you are getting into. We also have extensive litigation experience to help our clients resolve contractual disputes that may arise.