What Is A Contract
This area of law governs the creation, interpretation, and enforcement of legally binding agreements and determines remedies when one party fails to perform.
What is contract law?
This principle requires that both parties willingly agree to the terms of a contract without coercion, fraud, or misrepresentation.
What is Genuine Agreement?
One major benefit of contracts is that they reduce uncertainty by clearly defining rights, duties, and expectations.
What is Clairty?
This occurs when false information is knowingly given to persuade another party to enter a contract.
What is fraud?
In a valid agreement enforceable in court, the individuals or entities involved must have legal capacity and often include businesses, consumers, employers, and employees.
Who are parties to a contract?
This describes an agreement that has no legal effect from the beginning.
What is a void contract?
This element ensures that a contract cannot be enforced if it involves illegal activity or violates public policy.
What is legality?
Contracts provide access to this legal remedy when one party suffers financial loss due to nonperformance.
What are damages?
The power that examines the contract terms and the actions of both parties to determine whether a breach occurred.
What is a Court?
In a rental agreement, these two parties agree to the use and payment for property.
Who are the landlord and tenant?
This contract becomes enforceable only after a specific event or condition occurs.
What is a conditional contract?
This element occurs when one party clearly proposes terms that another party can accept without modification.
What is an offer?
Written proof of agreements, offering security and peace of mind.
What do Contracts provide?
When one party fails to fulfill its legal obligations, legal problems arise, and the other party or parties may take what legal action.
What is a Lawsuit?
In an employment contract, these two parties define work duties and compensation.
Who are the employer and employee?
This type of contract is better than a verbal agreement because it clearly records the terms of the agreement and the responsibilities of each party
What is a Written Contract?
A contract signed by someone lacking this requirement, such as a minor or mentally incapacitated person, may be void or voidable.
What is capacity?
The people who practice Contract Law.
What are Contract Lawyers?
This legal term refers to the failure to fulfill contractual duties, even if the failure was unintentional.
What is breach of contract?
This contract typically involves a person purchasing goods and the business selling them.
Who are the buyer and seller?
This type of contract is voidable in the state of Michigan, but is legally binding in other states, and is not as secure as a written contract.
What is a Verbal Contract?
This element requires a mutual exchange of value and prevents contracts from being based on gifts or promises alone.
What is consideration?
It is the course of action that someone is required to do to meet the terms of a contract or agreement?.
What is Obligation?
A contract involving illegal activity suffers from this fatal legal defect.
What is illegality?
In a service agreement, these two parties exchange labor for payment.
Who are the service provider and client?