Contract Law - Resources

Formation of Contracts

At Feniger, Uliasz & Stacey, PLLC, our deep understanding of Contract Law begins with the basics of how contracts are formed. A contract is essentially an agreement between parties that is intended to be enforceable by law. This agreement includes several key components.

Every contract begins with an offer by one party and acceptance by another. This mutual consent is crucial for the formation of a binding agreement.

Consideration refers to something of value exchanged between the parties. It is an essential element that distinguishes contracts from gifts.

Parties must intend for their agreement to be legally binding. This intention is typically assessed from the perspective of a reasonable person.

Not everyone has the legal ability to enter into contracts. Minors, for example, have limited capacity to contract.

Certain formalities must be met for a contract to be legally valid, including, in some cases, the need for the contract to be in writing.

Types of Contracts and Key Concepts

Contracts can be bilateral or unilateral, express or implied, conditional, and in some jurisdictions, they must comply with the Statute of Frauds to be enforceable.

Failure to meet the obligations outlined in a contract constitutes a breach. This can lead to legal remedies for the aggrieved party.

Common remedies include damages, specific performance, or cancellation and restitution.

Contracts can be terminated by performance, agreement, frustration, or breach, among other reasons.

Advanced Contract Law Principles

Our practice involves not just understanding the basics of contract formation but also the nuances of Contract Interpretation, the complexities of Contract Negotiation and Drafting, and the dynamics of Contract Enforcement.

Agency involves individuals acting on behalf of others, creating binding agreements between the principal and third parties.

These concepts involve transferring rights or duties under a contract to another party.

Under certain conditions, individuals not party to the agreement may benefit from the contract.

• Unconscionability addresses contracts that are unjust or overwhelmingly favor one party.
• Impossibility and frustration refer to situations where fulfilling contract obligations becomes impractical or impossible due to unforeseen events.

International Contract Law and Public Policy

Our expertise extends to International Contract Law, where we navigate the complexities of agreements spanning multiple jurisdictions, and ensure compliance with both domestic and international law.

We also understand the importance of public policy in contract law, ensuring that agreements do not contravene societal values or legal principles.

Our Commitment

At Feniger, Uliasz & Stacey, PLLC, we are dedicated to providing expert legal representation in all matters of contract law. From the drafting and negotiation stages to enforcement and dispute resolution, our team is equipped to handle the complexities of modern contracts.

Our commitment to personalized service means we work closely with our clients to understand their specific needs and objectives. With a thorough understanding of contract law and a commitment to achieving the best possible outcomes, we stand ready to assist you with any contractual issues you may face.

Contact us today for a confidential and free consultation to discuss how we can assist with your contract law needs.