First, it will be helpful to define the term and answer the question, “What exactly is a contract?”A contract is a formal, legally binding agreement between two parties. This agreement creates “mutual obligations that are enforceable by law.” In most cases, contact law calls for this ag...
Contract law typically focuses on ensuring that people honor the commitments they make to others. It is also designed to guarantee that deals between people are fair and transparent. Generally, if someone who agrees to a contract either orally or in writing is later unable...
What is an Offer in Contract Law An offer is a clear intention to enter into a legally binding agreement. It marks the first step in creating that agreement. Think of it as an initial proposal. One party outlines what they will do or provide. This invites the other party to consider it...
Consideration:For the promise to be enforceable, something must be given or promised in return. This is called consideration. An agreement to provide a benefit or gift with no act or omission being provided by the recipient would not form a contract. Under English law, the adequacy of...
Learn the guarantor definition in relation to contract law, what a guarantor agreement is, and see an example of a guarantor contract.
What does a judicial clerk do? While the role of a judicial law clerk may vary depending on the judge they work under, they are mainly responsible for helping judges with different cases. A law clerk is seen as a judge’s right hand, and the judge as their mentor. The judicial law cl...
Just as there is a wide array ofcontract formats, there are also various ways to breach them. Here are five of themost common types of breachesof contract and what follows the breach: Minor With a minor breach, one party delivers the goods and services,but not on time. A serious problem...
Indemnification clause — specifies who is responsible for covering legal costs and damages in case of disputes Termination clause — outlines the conditions under which the contract can be terminated Choice of law clause — determines which jurisdiction’s laws will govern the contract in case of di...
A contingency contract is an agreement that states that one action will take place if certain, pre-specified circumstances occur...
In contract law, an offer is defined as a promise of money or an item of value from a promisor in exchange for performance by a promisee. An offer can be revoked, terminated, or negotiated. Learn how an offer works in contract law, the six elements to a contract, and how the court ...