Almost all civil agreements and disagreements arise from a contract or a lack thereof. A Contract can be written or oral. It forms the basis for society as well as for legal parlance. A contract is nothing but the duties and responsibilities that we owe to another person. Contract lawyers Bismarck ND deal with disputes arising out of vitiation of contracts or non-fulfillment of contracts.
They also help with the negotiation and vetting of contracts. In legal terms, to prove that a contract exists and is legally binding, it must fulfill four criteria:
- Offer: This refers to a promise that will be fulfilled by one party in the future, by performing some action.
2.Consideration: In exchange for the offer, consideration is what has to be paid to the party making the offer. This refers to the value of the action that the receiving party enjoys the benefit of. This consideration does not necessarily have to be monetary in nature. It can be a service undertaken, a promise to refrain from doing something, or anything else that may be agreed upon. This is where a gift differs from a Contract. In giving a gift, there is no consideration. That is, the person gifting another party something is not entitled to legally receive something in return. A gift is given voluntarily and in gratitude. Whereas a contract is more a civil arrangement that will benefit both parties, and failure of which can have dire legal and financial repercussions.
3.Acceptance: the offer has to be accepted for there to be a legal obligation. This offer must be accepted without any ambiguity and their intention of performing and receiving the offer must be clearly laid out and accepted. This acceptance can be conveyed via words, deeds, or anything else that can be accepted as performance in furtherance of a contract. If the opposing party does not agree to the terms and conditions that come with the offer, they can reject the offer and propose a counteroffer or reject the offer in its entirety. A Contract law firm Bismarck ND is usually hired for making counteroffers and negotiating a better deal for their clients.
4.Mutuality: this is one of the main ingredients of a valid contract. There has to be a “meeting of the minds” between both the parties upon the offer, consideration, and acceptance. All the parties must be aware of their rights, responsibilities, and expectations present in the contract. The parties have to understand and agree to the basic terms and conditions laid out in the contract.
When all of the above criteria are met, legal responsibility is created. If there is ever a dispute, the complaining party has to prove that all of the above occurred. This will prove the existence of a contract and it will establish that the parties had some responsibility towards each other due to the contract. For the party that is opposite the complaining party has to do the opposite and prove that the above conditions were not met for a valid contract to exist between them. This is where Contract lawyers Bismarck ND come extremely in handy as they know the way around contract and how they can represent issues in a way that best puts forth their client’s interests forward.
A contract can either be written or oral. This however Is not accepted as a blanket rule. Some legislations like the Statute of Frauds require that some contracts be specifically executed in a written format. The difference between an oral and written contract is the statute of limitations that applies to them. While it is four years for oral contracts, it is sex years for written contracts. Oral contracts can also be hard to dispute in the court of law as evidence that is provided has to be concrete and tangible. At Ward K Johnson, a licensed and highly experienced team of Contract lawyers Bismarck ND are well trained to best represent your needs at the Federal and State Court. To have ironclad contracts and minimize legal risk in your contracts, contact a Contract law firm Bismarck ND from Ward K Johnson at the earliest.