CONTRACTS

Contract law is very complex. Although the information given here may be helpful in deciding if a right or remedy exists, expert advice will still be needed.

In particular, you should not sign a document unless you have read it, understood it, agree with it, and want to be legally bound by it. If you are not sure, get legal advice before you sign. Once a contract is signed it is normally a legally binding agreement.

What is a contract?

  • A contract is a legally binding agreement between two or more people or companies (called 'the parties').
  • It is an agreement that the parties intend to be legally binding - or that they would have intended to be legally binding if they had stopped to think about it.
  • A contract is made when promises are exchanged to do something in exchange for something, for example, to supply goods or services for payment of a specified sum of money.
  • Each party to a contract is legally obliged to carry out her or his part of the bargain and a party who fails to do so is in breach ofcontract. A court can require that person to put things right either by fulfilling the contract (called 'performance') or paying compensation for any loss (called 'damages').
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AVOIDING & RESOLVING PROBLEMS
MAKING A CONTRACT


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MAKING A CONTRACT  :  Last Revised: Wed Apr 16th 2008
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