Contract Law in Orlando, Florida
The average person encounters a number of contracts each day. Put simply, a contract is an agreement between two or more parties to do or not do something. While the idea of a contract is relatively simple, the actual implementation of a contract can be quite complex. When considering a contract, it is in your best interest to consider hiring a qualified attorney as well to protect your interests and work toward a favorable outcome.
Three Elements of a Viable Contract
A contract is composed of three basic elements:
The offer is the first stage of a contract, wherein an individual suggests a commitment to be fulfilled upon acceptance by another party. This leads to the acceptance phase, where the second party agrees to the offer of the first party upon the conditions set forth in the offer. Finally, consideration is where something of value, agreed upon by the parties, is given in exchange for the execution of the contract. Consideration is where the contract is settled and both parties make good on their agreement.
Should the terms of a contract be disputed, a court of law or arbitrator examines each of these parts to inform their decision. It’s important that each phase is handled clearly and with precision to ensure as little miscommunication as possible — saving all parties time, money and preserving goodwill.
It’s important to understand that not all contracts have to be in writing. That being said, it is often a best practice to obtain a written agreement to protect your interests. Most legal disputes that surround contracts stem from a miscommunication of one sort or the other, and having the terms outlined explicitly in a document that can be referred back to can save all parties headaches down the line.
In addition, failing to give your due diligence to understand the terms of a contract is not a viable defense in the court system. When a contract is agreed upon, it is enforceable even if someone failed to read the document.
Build Better Contracts
Contracts are powerful legal tools and can have a profound impact on an individual’s day-to-day life or a company’s well-being. When crafting or evaluating these critical documents, it’s important to have an experienced attorney looking out for you and protecting your interests. With the experience of Allan C. Draves on your side, you can be sure that your contracts will function correctly and with your best interests in mind.