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

    … 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- 19 readers -
  • IS PERFORMANCE BOND LIABLE FOR DELAY DAMAGES?

    … should cover delay damages. On the other hand, Larkin General Hospital is a Florida Supreme Court decision meaning there is a very strong argument that that the performance bond’s liability for delay damages will not be extended beyond the face of the bond. For this reason, and as mentioned above, it is essential that the face of the performance bond…

    Florida Construction Legal Updates- 11 readers -
  • Arbitration Redux: Supreme Court Speaks Again

    … governing enforceability of a class-arbitration waiver.” The breadth of such power was shown, by illustration, to be sweeping. “In principle,” the majority wrote, “they might choose to have portions of their contract governed by the law of Tibet, the law of pre-revolutionary Russia, or (as relevant here) the law of California … irrespective…

    Brann & Isaacson- 51 readers -
  • Mechanics’ Liens: Part 6. No-lien agreements

    … for a no-lien agreement.] If you would like to speak with a Smith Rayl attorney about construction contracts, including mechanics’ liens, please contact us for an initial consultation. The post Mechanics’ Liens: Part 6. No-lien agreements appeared first on Indiana Business Law Blog. …

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

    … not give a name to the remedy, but it’s often called a personal liability notice or PLN. To see how it works, let’s go back to the hypothetical example of our last article. Assume you are a subcontractor with a $15,000 claim against the general contractor, a claim the GC disputes. Now let’s assume that the deadline for filing a sworn statement…

    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

    … [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 -
  • 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- 27 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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