Contracts

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Frequently Asked Questions about Contract Law

Q: Does a contract have to be in writing?

A: It depends on the subject and nature of the contract. Many contracts do not have to be in writing. However, some contracts must be in writing under the Statute of Frauds, which has been adopted in some form in most states. Under the Statute of Frauds, contracts that must be in writing include: (1) promises related to interests in land, (2) promises in consideration of marriage, (3) an administrator's promise to personally pay estate taxes, (4) promises to pay the debt of another, (5) a promise that cannot be performed within a year, and (6) a promise for the sale of goods of $500 or more.

Q: What is an option contract?

A: In general, an offer in a contract is revocable unless a fee or premium is paid to hold it open. An option contract is created when consideration is paid to hold an offer open. An option contract is a contract which gives a party to the contract the right, but not the obligation, to exercise their rights under the contract. For example, it would give a buyer the right, but not the obligation, to buy or sell a specified commodity at a specific price within a specified period of time.

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Contracts and the Law

A business contract is one of the most common legal transactions you will be involved in when running a business. No matter what type of business you run, having an understanding of contract law is a key to creating sound business agreements that will be legally enforceable in the event that a dispute arises. Following is a discussion of the law of contracts.

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"Breach of Contract" and Lawsuits

In a perfect business world, agreements would be entered into, both sides would benefit and be pleased with the outcome, and no disputes would arise. But in the real business world, delays happen, financial problems can crop up, and other unexpected events can occur to hinder or even prevent a successful contract from being carried out. The following is a discussion of the legal concept of "breach of contract," and your options should such a breach occur.

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Will Your Agreement Be Enforced Under the Law?

If you are involved in a business agreement, one of the first things to determine is whether the promise or agreement at issue will be considered an enforceable contract under the law. While contracts usually involve promises to do something (or refrain from doing something), not all promises are contracts. How does the law determine which promises are enforceable contracts and which are not?

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Negotiation and Contract Drafting Tips

Individuals and companies negotiate and enter into contracts fairly frequently in the course of business. Some business agreements may be simple enough for the typical person to draft, while others may require the help of a skilled contract attorney. In either case, the ideal end result is confidence that you have negotiated the best terms for your business, and created a well-drafted agreement that will avoid any dispute or potential litigation. Below are tips on negotiating and writing a sound business contract.

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