Lawyer Offers Counsel on Contract Law
Any individual or entity that engages in business understands that most, if not all, business transactions require a contract, whether written or verbal. It is essential in the exchange of money for goods and services, for employment agreements, etc.
Contract law is the branch of civil law that relates to making and enforcing contracts between two or more parties. It also carries out legal enforcement in the event of a breach of contract.
Fraser Law Firm, LLC also offers contract law services. We can help you come up with advantageous terms, understand the pros and cons of an agreement that you are about to sign off on, as well as win over contract disputes.
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Elements of a Contract
Below are the elements of a contract that you need to keep in mind:
Offer
A contract starts off with one party making an offer or proposal. Along with the offer are their terms, which may be an exchange of goods or services for something that the other party can do or refrain from doing. The offer may be made verbally or in writing.
Acceptance
Acceptance is when the other party agrees to the terms of the proposal. They should accept it on the same terms stated on the original offer; otherwise, there is no contract. They can always propose different terms through a counteroffer.
Consideration
A legally binding contract requires consideration from both parties. This is something of value, usually money, that they give up for a product or service that they want.
Competency
Minors and people who are mentally challenged cannot enter into a contract because the requirement is for all parties to have the legal competency to understand and comply with their obligations as stated on the contract.
Mutual intent to enter into an agreement
Mutuality means that both parties are willing and intent on carrying out their obligations. This also means that they understand that the contract could be enforced by law. The same is true if one party wishes to cancel the contract.
General Practice Attorney in Okatie, SC
We, at Fraser Law Firm, LLC, understand contract law and the state law that applies to contracts in South Carolina. If you ever find yourself in need of advice on creating a contract or facing a legal issue related to a contract, you can rely on our contract law services are the right Contract Law Attorney you are looking for.
Denny Fraser of Fraser Law Firm, LLC is a Contract Law Attorney and can give you the proper legal representation needed for contracts. Aside from contract law, he also has years of experience in legal issues on business formation, real estate transactions, construction law, estate planning, employment law, credit relations law, property owner’s association law, and general litigation.