We at Dobson Law Firm, PLLC understand that contracts are a part of both business and personal life. A contract is a legally enforceable agreement between two or more parties that creates an obligation to do or not do particular things. The term “party” can mean an individual person, company, or corporation.
In the eyes of the law, a contract arises when there is an offer, acceptance of that offer, and sufficient consideration to make that contract valid.
An offer allows the person or business to whom the offer is being made to reasonably expect that the offering party is willing to be bound by the offer on the terms proposed. The terms of an offer must be definite and certain.
An acceptance is a clear expression of the accepting party’s agreement to the terms of the offer.
In simple terms, Consideration is something of some value passing from one party to the other. Each party to the contract will gain some benefit from the agreement, and will incur some obligation in exchange for that benefit.
There are many different types of contracts: Express and Implied Contracts, Unilateral and Bilateral Contracts, Unconscionable Contracts, Adhesion Contracts, Option Contracts, Fixed Price Contracts, etc.
A very common contract used in everyday business is the Business Contract. No matter what type of business you are in, having an understanding of contract law is key to creating sound business agreements that will be legally enforceable in the event that a dispute arises. We at Dobson Law, PLLC can make sure that you are fully knowledgeable and understanding of the contract laws surrounding your personal and business matters.