A contract is a binding written or oral agreement that is enforceable by law between two or more competent parties to do or not to do certain things. The elements of a valid contract are:
Ø an offer;
Ø acceptance of the offer; and
Ø sufficient consideration to support the offer.
An offer is a promise and a request for something in return. Offers can be written or implied.
No. An advertisement is generally considered an invitation to bargain.
Yes, you can revoke an offer any time before it is accepted. In order to revoke your offer, you must communicate the revocation to the other party. The revocation is effective once it is made.
Acceptance is an assent by the party to whom the offer is made showing that the person agrees to all of the terms offered. An offer is not binding unless the other party accepts it. Like an offer, acceptance can be express or implied. Generally, an affirmative action is necessary for acceptance of an offer; silence does not constitute assent.
Consideration is when one party gives up something or promises to give up something in exchange for something given up by the other party. Generally, a promise by one party without consideration in some form does not result in a contract. Each party must extend consideration to the other; however, the value of the consideration does not have to be equal.
Consideration can be money, property, rights, services or the promise to do or not to do certain things. However, a duty that a party can refuse to perform is not considered consideration.
Only competent parties can enter a contract. To be competent, a party must be able to understand what he or she is doing. This requires both maturity and mental capacity.
Not all contracts must be in writing. Oral contracts are enforceable if they can be proven. An oral contract can be proven by showing that the circumstances would lead a reasonable person to believe that a contract existed. However, written contracts are easier to prove.
· Ø contracts to pay the debts of another person;
· Ø contacts for the sale of land or any interest in real property;
· Ø contracts which require more than 1 year to perform;
· Ø prenuptial agreements;
· Ø contracts for the sale of goods worth $500 or more; and
· Ø Contracts for the lease of goods worth more than $1,000.
A breach of contract is the failure of one party to perform his or her responsibilities under the contract. A breach of contract can occur by:
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failing to perform the contract terms aspromised;
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making it impossible for the other party to perform; or
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announcing an intent not to perform.
When a party breaches a contract by failing to perform his or her obligations, the usual remedy is a legal action for the damages caused by the breach. However, under certain circumstances, the nonbreaching party can force specific performance of the contract, have the contract modified or canceled or obtain an injunction.
The answer to this question varies. The length of time a lawsuit takes depends on a number of factors, such as the complexity of the case, the number of parties involved, the willingness of the parties to resolve the case, and how busy the court is. A relatively simple suit, not involving any complex legal or factual issues, could be over in a few months, while a very complicated, multi-party suit, could take years to resolve.
Most commerciallawsuits may be heard by a jury. If the parties agree, a jury may be waived, and the case heard by the judge. The decision of whether to have the case heard by a jury or a judge is a tactical one, and depends on the facts and circumstances of each case.
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Some litigants prefer to have their cases heard in federal court, if possible. This is especially true if there is a fear of "home-town bias" if a case is brought in state court. Federal courts have the authority, or jurisdiction, to hear cases involving questions of federal law. If your case involves a federal law or a federal program, or if the United States government is a party to the action, it may be heard in federal court. Federal courts also may hear cases between citizens of two or more states if the amount involved in the suit is more than $75,000.
An appeal is usually an option, but it may or may not remedy your dissatisfaction. Courts on appeal are limited to deciding questions of law, and not fact. Courts on appeal are reluctant to overturn a jury's verdict, unless there is absolutely no evidence to support the verdict. The theory is that juries, who hear the evidence and see the witnesses who testify, are better able to judge close questions.
If you do appeal, and win, the most common remedy is that your case will be sent back for a new trial. Even if you win on retrial, it may be more cost-effective to accept the original decision, as incorrect as it may be.
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