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

    … It will hardly come as a surprise to frequent readers of this blog that the U.S. Supreme Court has (once more) jettisoned a legal principle fashioned by the Federal Circuit, nor that the opinion was largely without dissent (Justice Ginsburg did dissent in part). The case, Impression Products v. Lexmark International, concluded that a patentee’s…

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

    …. As the court summed up a condition precedent: Under well established contract law, a condition precedent is a condition which calls for the performance of an act after a contract is entered into, upon the performance or happening of which its obligation to perform is made to depend…. Conditions precedent to an obligation to perform are those…

    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- 20 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

    …, aircraft or air traffic control, nuclear facilities, manned spacecraft, or military use in connection with live combat.” One might wonder when one would be tempted to use online games to operate nuclear facilities or aircraft control systems to begin with, but the terms suggest one possibility — zombie apocalypse — in which case the contract gives relief…

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

    … state statute deeming class action waivers to be per se unconscionable in consumer contracts was, essentially, superseded by the FAA’s clear purpose to make arbitration agreements enforceable notwithstanding state law to the contrary. The rule in Concepcion is fairly clear: a state law that singles out any part of an arbitration agreement as per se…

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

    … agreements. The first category includes “class 2 structures” (as defined at Indiana Code section 22-12-1-5), which encompasses single- and double-unit residential structures and some related projects. The second encompasses construction owned by certain types of utilities, including public utilities, municipal utilities, and rural membership…

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

    … [Note: This one of a series of six posts regarding mechanics’ liens: Part 1. The basics of credit risk and subcontracting. Part 2. Reallocating risk in construction projects. Part 3. Acquiring a lien. Part 4. Enforcing a lien. Part 5. Personal liability notices. Part 6. No-lien agreements.] We’ve been examining the role of mechanics…

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

    … [Note: This one of a series of six posts regarding mechanics’ liens: Part 1. The basics of credit risk and subcontracting. Part 2. Reallocating risk in construction projects. Part 3. Acquiring a lien. Part 4. Enforcing a lien. Part 5. Personal liability notices. Part 6. No-lien agreements.] So far we’ve looked at the basics…

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

    … [Note: This one of a series of six posts regarding mechanics’ liens: Part 1. The basics of credit risk and subcontracting. Part 2. Reallocating risk in construction projects. Part 3. Acquiring a lien. Part 4. Enforcing a lien. Part 5. Personal liability notices. Part 6. No-lien agreements.] In the first article in this series, we…

    Michael Smith/ Indiana Business Law Blog- 29 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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