A contract is a set promises that the law will enforce. The law recognizes certain promises as duties and provides remedies if a promise is breached. A duty arises when one party makes a promise to the other party. To be legally binding as a contract, a promise must be exchanged for adequate consideration, which is a benefit or detriment that a party receives and which induces them to make the promise. In some circumstances, promises that are not considered contracts may still be legally enforceable.
Contracts are mainly governed by state statutory law and common law—or judge made law—as well as the terms of the contracts themselves. Statutory law requires some contracts to be put in writing and to be executed with specific formalities. Common law principles of contracts are outlined in the Restatement of the Law Second, Contracts, and the Uniform Commercial Code governs the sale of goods contracts and other secured transactions.
The attorneys at Heekin Law are well-versed on contract law and can help you weave through the various laws that govern contracts. If you have any questions, feel you have a well-founded contract dispute, or would like one of our attorneys to review, edit, or formulate a contract for you, please call our office today.