Contract law is a vital component of legal systems around the world, governing agreements and ensuring that parties uphold their obligations.
We recognize the importance of understanding contract law and its implications for individuals and businesses.
What is Contract Law?
Contract law encompasses the rules and regulations that govern the formation, interpretation, and enforcement of agreements between parties. A contract is a legally binding agreement that sets out the rights and obligations of the parties involved. Whether it is a simple purchase agreement or a complex commercial contract, understanding contract law is essential to protecting your interests and ensuring compliance (this may also affect your ability to enforce such an agreement, if required to do so).
Contractual ‘loopholes’ can unfortunately result in parties being unable to enforce their rights in terms of an agreement.
The various types of agreements carry differing requirements, and essential information required to form or enter into such agreements.
Contracts/agreements can include the following:
- Written Contracts: These are formal agreements that are documented in writing and signed by the parties involved.
- Oral Contracts: While generally valid, oral contracts can be challenging to prove in court due to the lack of written evidence.
- Implied Contracts: These contracts are formed based on the parties’ conduct, actions, or behaviour, rather than explicit agreements.
- Express Contracts: These contracts clearly state the terms and conditions agreed upon by the parties, either in writing or orally.
Written contracts should always be sought, as each party’s obligations are clearly defined, which assists in enforcing the agreement in the event of a breach thereof by either party.
Should you require the assessment of an agreement, either for its enforceability, or to have same reviewed, or should you require an agreement to be drafted, feel free to contact our office.
Elliott Attorneys