It is a common mis-perception for people to believe that contracts must be in writing to be binding. While this is true for some agreements, an oral contract may also be legally upheld. Additionally, contracts can be express of implied.
The minimum requirements to be contractually bound are fairly simple, including:
· An agreement (generally referred to as an offer and acceptance) between two or more people.
· Supported by consideration. Consideration refers to promising to do something that you are not obligated to do or refraining from doing something that you have a legal right to do. Consideration must be mutual. This generally requires each party to give up something as such, a promise to provide a gift does not qualify as a valid contract even if it is in writing.
· The parties entering into the agreement must intend to be bound and must have the mental capacity to understand that they are entering into a binding contract.
· The purpose of the contract must be legal
If you have entered into a binding contract and one of the other parties has failed to meet the terms of the agreement, we can help you recover damages for losses incurred, including the loss of “the benefit of the bargain” you would have received, as well as out-of-pocket costs resulting from the breach. If the contract provides for attorney’s fees to be paid by one of the parties in the event of a breach, we will also help you recover attorney’s fees you paid to us to prosecute or defend your claim.
The attorneys at Windtberg & Zdancewicz, PLC, provide clients with experienced legal representation. We are experienced in creditor’s rights including garnishments, charging orders, attachment, property execution, trustee’s sales, foreclosures, judgments, judgment collection, domestication of foreign judgments, and creditor’s issues in bankruptcy cases. If you need assistance, or are interested in learning more, please contact us at (480) 584-5660.