A contract is an agreement between two parties to do something which is legally enforceable. Contracts bear great importance in both our personal and business lives. It is one of the most common legal documents that you are going to come across whether you decide to purchase a mobile phone, want to buy some real estate land or start a business.
What are the Basics of Contract Law?
A contract is an officially recognizable agreement which consists of five elements. This can be a verbal or written document containing an exchange of anything between two parties and it does not require to be physically signed for it to be binding.
Following are the essential elements of a contract:
Offer is provided by the first party. It can be a service or product.
Acceptance of the second party results in receiving the offer. Changes to the offer must also be accepted which is called counter-offer.
Consideration is usually the money that the second party trades in exchange of the offer (product or service).
Intent being aware that the agreement is enforced by law.
Capability means the mental ability and maturity of the parties. In entering into a contract, a person or agency is allowed to act on someone else’s behalf only with their permission.
What are the Services provided by Michna Law Group?
Michna Law Group is a Chicago-Based Law Firm with over 35 years of experience in Contract Laws. Our law firm provides our clients with expert legal advice and assistance from an experienced Contract Law Attorney, so that you proceed with your contracts with full confidence.
Today, every business in Chicago, whether it is big or small, is entering into contracts. But most of the people undergo contracts without proper understanding of the contract nature, risk possibilities and aftermath. Save yourself from falling in this labyrinth and get in touch with a contract law specialist at Michna.
Our legal experts are available to help you easily create, draft and arrange contracts. In the case of breach of contract litigation, either you are a plaintiff or a defendant, we will assist you with legal representation and will defend your rights in the courtroom of justice.
At Michna Law Group, we regularly draw up and do analysis of business contracts of our clients, including:
- Breach of contract litigation
- Sales contracts
- Partnership contracts
- Employment contracts
- Licensing contracts
- Contracts with independent contractors
- Business loan contracts
- Real estate contracts
- Business sale or purchase contracts