Contract Law

In common law legal systems, a contract (or informally known as an agreement in some jurisdictions) is an agreement having a lawful object entered into voluntarily by two or more parties, each of whom intends to create one or more legal obligations between them. The elements of a contract are "offer" and "acceptance" by "competent persons" having legal capacity who exchange "consideration" to create "mutuality of obligation."Proof of some or all of these elements may be done in writing, though contracts may be made entirely orally or by conduct. The remedy for breach of contract can be "damages" in the form of compensation of money or specific performance enforced through an injunction.
Posts about Contract Law
  • A Case of First Impression

    … for more than two decades – in practice, similar restrictions may be enforced through the application of contract law. Still, that is a distinction with a difference, particularly given that contract law may be enforced through state courts and other federal courts of appeal. Once again, it seems that the Federal Circuit’s grip on patent law interpretation may be loosening. The post A Case of First Impression appeared first on Brann & Isaacson. …

    Stacy Stitham/ Brann & Isaacson- 15 readers -
  • COMPLY AND UNDERSTAND CONTRACTUAL CONDITIONS PRECEDENT

    … Contracts oftentimes contain conditions precedent to payment or another affirmative obligation. The condition precedent needs to occur to trigger a party’s obligation to perform. If the condition precedent does not occur, then the obligation to perform is never triggered. Contracting parties need to understand and appreciate conditions…

    Florida Construction Legal Updates- 10 readers -
  • Choice of Law, Designation of Forum, and Senate Bill 171

    … Two provisions commonly found in commercial contracts, particularly contracts between parties that reside in different states, are a choice of law section and a designation of forum section. The choice of law section specifies which state’s laws govern the contract, and the designation of forum section specifies the court in which lawsuits…

    Michael Smith/ Indiana Business Law Blog- 23 readers -
  • IS PERFORMANCE BOND LIABLE FOR DELAY DAMAGES?

    … consequences of failure to timely perform in accordance with the contract. *** While it is true that the terms of the bonds in this case do not expressly require the surety to assume responsibility for delay, “[i]t is the general rule of contract law that where a writing expressly refers to and sufficiently describes another document, the other…

    Florida Construction Legal Updates- 11 readers -
  • Herod Clauses and Zombie Apocalypse

    … Clause. He pointed me to one of his recent blog entries, “Contracts as a Vehicle for Irreverance,” in which he mentions the London Herod Clause experiment and a couple of other examples of amusing provisions in commercial contracts, including one in the Service Terms for Amazon Web Services. Amazon Web Services include, among many other things…

    Michael Smith/ Indiana Business Law Blog- 35 readers -
  • Arbitration Redux: Supreme Court Speaks Again

    … the drafter (here, DIRECTV) because its language was “unambiguous.” Key Takeaway In dissent, two of the Justices, Ginsburg and Sotomayor, looked at the case through a “consumer protection” lens, finding not only that the phrase “law of the state” was ambiguous (calling it “Delphic,” as in the inscrutable prophecies of the ancient Oracle), but also…

    Brann & Isaacson- 52 readers -
  • Mechanics’ Liens: Part 6. No-lien agreements

    … and others to hold the owner personally liable by sending a personal liability notice, discussed in part 5 of this series. [Rev. 11/25/2014. A second last note. My thanks to my friend and colleague, Ted Waggoner of Peterson, Waggoner, & Perkins, LLP, for reminding me that mechanics’ liens are unavailable for public property without the need…

    Michael Smith/ Indiana Business Law Blog- 38 readers -
  • Mechanics’ Liens: Part 5. Personal Liability Notices

    … an agreement, you can sue both the GC and the owner, making sure you file the lawsuit before the statute of limitations for breach of contract expires. If you are a subcontractor with a claim that you are trying to collect, or if you are a construction owner who has received a personal liability notice, please feel free to contact us to discuss your situation. The post Mechanics’ Liens: Part 5. Personal Liability Notices appeared first on Indiana Business Law Blog. …

    Michael Smith/ Indiana Business Law Blog- 29 readers -
  • Mechanics’ Liens: Part 4. Enforcing a Lien

    …) with additional incentive to settle your claim. The lead attorney in Smith Rayl Law Office, LLC’s business law practice is a former chemical engineer and former in-house counsel in Eli Lilly and Company’s law division, where he supported the company’s engineering and construction components, including its construction contracts. If you would like…

    Michael Smith/ Indiana Business Law Blog- 40 readers -
  • Mechanics’ Liens: Part 3. Acquiring a Lien

    … to the owner. If you have a question about a mechanic’s lien, whether you are a contractor or the owner of a construction project, or if you’d like to avoid mechanics’ liens with a good construction contract, please feel free to contact us for an initial consultation. The post Mechanics’ Liens: Part 3. Acquiring a Lien appeared first on Indiana Business Law Blog. …

    Michael Smith/ Indiana Business Law Blog- 29 readers -
  • Mechanics’ Liens: Part 2. Reallocating credit risk in construction projects

    … of a subcontractor. If you’re the owner of a construction project or a construction contractor, and you’d like to speak with a lawyer regarding a dispute, including one over payment, or you’d like to have an attorney draft or review a contract for you, please feel free to contact us. The post Mechanics’ Liens: Part 2. Reallocating credit risk in construction projects appeared first on Indiana Business Law Blog. …

    Michael Smith/ Indiana Business Law Blog- 28 readers -
  • Account Stated

    … court granted Carpets Unlimited’s motion for summary judgment. The Dellamuths appealed, and today the Indiana Court of Appeals affirmed the trial court’s decision. An interesting aspect of this case is that Carpets Unlimited did not sue on the basis of breach of contract. Instead, Carpets Unlimited sued solely on the basis of a legal theory known…

    Michael Smith/ Indiana Business Law Blog- 33 readers -
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