Contract is an agreement formed between parties. However, not all agreements will constitute a contract. The basic essentials that form a contract would include:
- Offer,
- Acceptance of the Offer,
- Lawful Consideration,
- A contract has to be for lawful object, otherwise it becomes null and void,
- A contract cannot be formed by a minor,
- A contract needs to be also formed by a person who is of sound mind.
In addition to this, you should know there is a need to have a standard form of contract. Since each countries have their own form of contract with their own contract laws and essentials. There is no international uniformity when it comes to contract. However, certain types of contracts like: Non- Disclosure Agreements, Parking Toll, SAAS Agreements all constitutes standard form of contracts.
What is the safest option or approach to settling a contract-based misunderstanding that which does not include high-priced, time-consuming lawsuit or trial process? How can a qualified and skilled business contract dispute attorney assist to essentially save your money and time? Let us understand few of these concepts with the help of this article.
“Business contract disputes arise for a multitude of reasons. In most cases, the root of the disagreement actually lies in the underlying contract itself (or the lack of a written agreement). A well-crafted business contract should clearly establish the roles and responsibilities of each party, while anticipating every conceivable challenge which may arise. Unfortunately, many agreements in today’s business climate are not crafted by attorneys, but by the parties themselves. This leaves a lot of room for vague interpretation and dispute.
It may surprise you to learn that most business contract disputes are resolved through effective, leveraged negotiation. Your business contract dispute attorney should prepare for trial at the outset, however, that is rarely in the best interests of you the client. This is a matter of time, performance, and money.”[1]
Consultations revolve around the sections of conflict or misunderstanding. In addition of the benefit that you gain out of the bargain, which is guaranteed to each party. In numerous cases, constitution of breach of contract is the beginning of the process or resolving business contracts to begin with. You answer question as to why the contract was breached? And in many cases, it includes unforeseen or unavoidable circumstances arises or one of the parties could not fulfill his part of the obligation as per the contracts. Reasons would mainly include:
- Natural causes (Earthquake etc.,),
- Strike or Lockouts,
- Labor Protests,
To name a few. If so, your business contract dispute attorney should be competent enough to bargain and diplomatically resolve the issue at hand. This shall signify the certainties of the status quo whilst permitting each party to eventually in due course obtain the benefit of the bargain. “The key to a business contract dispute is “damages.” A Court will not force one party or the other to perform based upon the terms of the contract. The outcome of any subsequent trial verdict or settlement will be based upon “damages.” Damages are the financial equivalent of one party’s failure to perform on the original agreement. A negotiated settlement will often consider subsequent damages while helping to resolve the matter at hand. When negotiations are not able to resolve all of the elements of a dispute, mediation is often an attractive alternative for the parties. Arbitration may be stipulated as another means of resolving a business contract dispute. If you are interested in resolving business contract dispute, seek business dispute resolution attorneys who are not initially focused solely on litigation. Look for a legal partner who understands the value and practicality of negotiating or mediating a resolution that best reflects your short- and long-term goals.”[2]
Let us try to understand the article with a help of few examples: “Let’s assume that R. Runner contracts with Acme Anvils for the purchase of some of its products, for delivery by the following Monday evening. If Acme delivers the Anvils to Runner on the following Tuesday morning, its breach of the contract would likely be deemed immaterial, and R. Runner would likely not be entitled to money damages (unless he could show that he was somehow damaged by the late delivery).
However, assume now that the contract stated clearly and explicitly that “time is of the essence” and the anvils MUST be delivered on Monday. If Acme delivers after Monday, its breach of contract would likely be deemed “material,” and R. Runner’s damages would be presumed, making Acme’s liability for the breach more severe, and likely relieving Runner of the duty to pay for the anvils under the contract.”[3]
Certain Businesses and contract disputes require that you sit down and amicably resolve the issue. Parties at time tend to do so in order to avoid disputes that will naturally carry on for years to come. As such, sometimes, a conversation is all it takes. On the other few occasions, it is essential to fight and assert your rights in a court of law. To Know more on Business contracts and receive assistance, contact Layman Litigation now! We can schedule a consultation at your convenience to discuss your business issues.
[1] Resolving Business Contract Disputes - HG.org [2] Refer Above Footnote. [3] Breach of Contract and Lawsuits - FindLaw
