Every year, America sees big companies, celebrities, and civilians get sued for millions and millions of dollars for breach of contract. What does this mean and why can someone get sued for not fulfilling a contract? This is the basic premise of a contract. Someone is offered money in exchange for a product for a service and if either of the parties does not hold up their end of the bargain, they are entitled to sue the other for damages and for breaching the contract. This can now be either taken to court or settled outside of the court among the parties and their contract lawyers Minot ND.
What is the purpose of Contract law?
A legally enforceable contract is the backbone of any society. If not for business, even peaceful coexistence in society is based on an unsaid contract of not harming each other. It is the basis of the entire justice system, be it criminal or civil. At the core of it, a contract is nothing but a set of mutual promises between two or more parties. The failure of fulfillment of the promise is punishment, either in the form of prison time, but most commonly, monetary compensation. Having a house to sleep in or having money to buy anything, is a result of a contract. Being paid to do your job every day is a contract, having food to eat that you paid for, is a result of a contract.
If you break a contract down to its essentials, a contract is an offer made by one party in exchange for a consideration. This offer can either be accepted by the opposite party or a counteroffer can be made. Once there is a meeting of minds by both parties on the offer and the amount and kind of consideration which will be given in exchange for the offer, a contract is reached. Contract law accepts both oral and written contracts as legally enforceable. A properly written contract will then contain more ironed-out details of when, how, and how much the promises will be fulfilled. It also contains clauses of what will happen in case either party fails to fulfill the contract or in what cases are the parties exempt from keeping their word to the other. These are the areas in which contract law applies to settle disputes arising from non-fulfillment. Contract law firm Minot ND are hence to be contacted at the very first stage of starting a negotiation, so you are likelier to get a deal that is more in your favor and benefits you with as little margin of error as limited legal liability.
Most laws on Contracts are developed via courts and their decisions by a system called Common Law. Therefore, Contract lawyers Minot ND are very important. If they do not do a good job in arguing for a contract law dispute, an unfair precedent can be set. This will affect all future contract disputes until it is overturned.
A system that punishes for non-enforceability is extremely necessary for Contract laws because if there were no consequences for breaking a promise, nobody would ever do good on their responsibilities and obligations towards the other party and the entire system would crumble. All the beneficial agreements would never get enforced as there are no repercussions if you don’t perform on the contract. Without a system of strict enforceability, a party seeking fulfillment of a contract will have to rely solely on their promise and have to blindly trust that their time, money, and effort will be appreciated and not just taken advantage of. Without Contract laws, every transaction would be extremely risky.
Contract laws thus ensure that businesses and society at large operate smoothly and efficiently. Contract law firm Minot ND are therefore very important as they have knowledge of the common law of the State and can draft contracts in keeping with local laws. They are also equipped to handle disputes in case either party does not fulfill their promise to the other, due to which the other party has suffered losses. At Ward K Johnson, a team of highly proficient contract lawyers Minot ND, with experience in negotiation, mediation, and litigation, are licensed and ready to represent your needs at the State and Federal levels.