Contract Law
Colorado Attorney R. Brian Daniel
Contracts play an important role in both business and society today. They allow individuals and companies to enter into agreements evidencing a trust that both parties will fulfill their part of the agreement. A contract is a legally binding agreement or promise between two or more parties. Real estate, employment, and consumer contracts are some of the many different types of contracts. Contracts can be written or oral, but in order for them to be legally enforceable, they must contain specific elements. Poorly written or unclear contracts can lead to potential problems, even lawsuits. Before entering into a contract, you should consult an experienced Parker, Colorado Contract Law Attorney who can write or review the contract with your specific needs in mind. A Parker, Colorado Contract Law Attorney can also advise you of your options if you believe someone is in breach of an existing contract.
The necessary components for a legally binding contract are:
- An Offer - This is basically a proposal to create a contract. This can be something such as an offer or request for goods and services. An offer is considered to be open until it is accepted, rejected, countered, retracted, or until it expires.
- An Acceptance in strict compliance with the terms of the Offer – When the party to whom the offer was extended agrees to the terms and conditions of the offer, as stated and without change, it is accepted. This acceptance must usually be made directly to the person or entity making the offer.
- Legal Purpose or Objective – The contract must be for a legal purpose.
- A Meeting of the Minds – The parties must agree to the same thing, with the same understanding of the terms and conditions of the deal, at the same time.
- Consideration or Exchange of value – This is the fulfillment of the contract. Whatever actions were promised in the contract must now be carried out for the contract to be valid. This could include one party paying the other party for a service that was agreed upon in the contract.
- Capacity and Competence – The parties must not be minors and must be competent and authorized to enter into a contract.
In addition, contracts must be entered into voluntarily by all parties. It is implied with all contracts that the parties involved are entering into the contract with fair and honest intentions, often referred to as good faith.
Oral contracts are legally enforceable in some situations. However, Colorado and most other states have adopted a statute of frauds which requires that certain types of contracts, such as real estate contracts, must be in writing. Problems often arise when there is a disagreement over an oral contract which can lead to a situation where it is one person’s word against another’s. Due to the complex nature of contracts and the potential for lawsuits or other legal action over contracts that are not properly drafted or completed as agreed upon, you should contact a Parker, Colorado Contract Law Attorney for help in dealing with contract issues.
If you are facing a complicated legal issue, reach out to The Daniel Law Firm. We take great pride in serving clients all over Colorado. Let us discuss with you the best strategy for moving your case forward in both a positive direction and timely manner. Call us today at (303) 951-0233.
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