Seattle & Tacoma Contract Attorneys
What is a Valid Contract?
A contract is a legally binding agreement between two parties. Generally, a contract is formed when three important legal facts exist: 1) an offer, 2) an acceptance of that offer, and 3) an exchange of consideration (usually money) between the parties. While these are the minimal requirements to create a contract, quite often there are other legal requirements and state regulations that a contract must meet in order to be legally binding and enforceable.
Virtually all agreements entered into in a business setting are contracts. Some common business contracts include commercial leases, employment agreements, confidentiality agreements, purchase orders, and releases. The quality of these documents can have a profound effect on the health of your business.
What Happens if a Contract is not Fulfilled?
After a contract is validly formed, each party is required to perform its specific contracted duties. While the performance of the parties’ duties fulfills the obligations of the contract, failure to perform a contractual duty is a breach of the contract. A breach arises when anything other than the promised performance is tendered. For example, if Jane offers to purchase John’s lawnmower for $500 and he accepts, a contract is formed. Satisfactory performance of the contract occurs when John provides the lawnmower and Jane reciprocates by paying the promised $500. However, if for example, John provides a shovel in place of the lawnmower, or if Jane does not pay the full amount, then the contract is breached. Depending on the degree of the breach and the terms of the agreement, the breaching party would owe damages (usually in the form of money) to the other party.
Why Hire an Attorney to Draft or Review a Contract?
In a business setting, contracts can become extremely complicated. For example: what if the parties want to agree to settle any potential dispute in arbitration? What if there is more than one party involved in a transaction or a potential insurance claim? What happens to your company if the other party is sued for actions arising out of the contract? As one can imagine, given the immense role that contracts play in the corporate/business setting, the possibility of problems is endless.
If you are about to enter into an important contract, engage an experienced business law firm to draft or review it for you. Don’t put your future financial security at risk. Hire a professional. The lawyers of Dickson Frohlich have decades of experience in contract law. Let us put our expertise to work for you. Call now for a phone FREE 15-minute consultation.
“I have worked with and relied on the many staff members with Dickson Frohlich for a number of reasons over the last 12 years. “My” personal attorney with the firm is Rob Dickson and I would trust him with my life. He and his staff are thorough, careful, considerate, thoughtful and appropriately aggressive when they feel it is the right time. I would without hesitation refer or recommend anyone to use Dickson Frohlich if and when they are need of attorney specific services.”
I highly recommend Dickson Frohlich and if I ever need a lawyer again they will be my first call.
- Jeremy H.
I can’t even tell you how much I appreciate this firm! These guys helped me through one of the most challenging legal situations I’ve faced in my life. Their skill and expertise literally saved my business. I’ve dealt with other counsel in the past but the Dickson firm was by far the most competent and tactful counsel I’ve ever received. I would recommend this group to anyone!
- Keith D.
It’s a pleasure to work with the guys at Dickson Frohlich. One of the first things that stood out to me was how down to earth and friendly everyone at the firm is. I would definitely recommend them.