The main areas under Contract Law include:
As you can see, Contracts are quite a hefty area of Law
Usually a contract forms when one person makes an offer and another person accepts it by performing the offer’s terms or communicating their approval. If the terms are certain, and the two people can be presumed from their behaviour and actions to have intended that the terms are binding, then the agreement is (generally) enforceable.
The terms in a contractual agreement are incorporated through promises or by reference to other terms or through a course of dealing between two people. The Law allows plenty of freedom for people to agree the terms and content of a deal. If it turns out that a contract is not substantially performed, and you are the innocent party, then you are entitled to cease your own performance, that is, stop doing things, and you can sue for damages to put yourself in the position you would have been in as if the contract had been performed fully.
Also, depending on the specific type of your contract, it is possible that your contract could be cancelled or invalidated if one of you failed to make adequate disclosure, or if either of you made misrepresentations during your negotiations.
If a business is going to sign a contract, and often it is best to do so as it avoids arguments later, make sure it says what was agreed to. It should be gone through carefully, clause by clause and the signing party should consider what each clause means. If the reader is not sure, then the party should get some legal advice on just what the contract says and be prepared to negotiate. After all, if the other party is keen to get the business, they’ll usually be prepared to go to some lengths to accommodate the party.
Owllegal can provide expert contract law advice. If you have concerns over the formation of a contract, have problems with an existing contract, or are trying to end a contract than please contact Owllegal.