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A contract is simply a legally binding agreement. Most often they are of the nature where one party agrees to pay a specifies amount to a second party in exchange for specified services and/or goods or materials.
A well drafted contract documents the "meeting of minds" of the parties so that everyone is clear as to the terms of the transaction. For these contracts to be enforceable there must be an exchange of “considerations”, which means something of values like goods, services, or some other promise of value. Contract disputes happen when there has been a breach of a previously agreed upon legally binding contract between two parties.
1. Do you fully understand all words and phrases included in the contract?
2. Does it clearly and specially state what you are providing and/or receiving?
3. Do you have all documents that the contract refers to?
4. What are the terms of the termination of the contract?
If you are engaging in a transaction that can substantially affect your life or your business you should consult with an attorney. Construction contracts, employment contracts and commercial endeavors are all situation where one can benefit greatly from the services of an experienced attorney.
Parties to a contract can always agree to changes to the terms of a contract. If the original contract is in writing, and states that changes to the contract must be in writing, then the parties should write down and sign the agreement changing the terms of the original contract.
If circumstances change to the extent that the previously agreed performance is not possible, a party may be excused for non-performance of their obligations under a contract. This is not necessarily valid if the actions agreed upon are simply more difficult than expected, but not impossible.
Contract law is complicated, especially if there is a breach of contract. An attorney can help you understand the depth and break down the specifics of your contract. It is hard to know what appropriate action should be taken if you are accused or accusing someone of a breach of contract, so having legal counsel is beneficial.
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