Contract Law

Overview

Contracts are agreements between individuals, organizations, companies or government entities which dictate the terms under which products will be sold or the manner in which services will be performed. While contracts may either be oral or written, most parties will memorialize their contracts in writing to reduce the likelihood of problems arising at a later date when one of the parties cannot recollect or misrecollects the terms of the agreement. Additionally, the contracting parties have a strong incentive to reduce the terms of their agreement to writing because some oral contracts may not be legally enforceable under the Statute of Frauds provisions found in the state codes.

Contracts touch all activities that a business may engage in including hiring employees (i.e, employment agreements), renting office equipment or space (i.e., leases), borrowing money (i.e., loan agreements), obtaining phone service (i.e., service agreements), and buying office supplies (i.e., purchase orders).