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Binding Contracts

Contracts are one of the many ubiquitous yet invisible aspects of life. From verbal agreements between equals to loan agreements from banks, there are a number of types of contract and an entire field of law devoted to understanding the way that parties and contracts interact. One of the most important aspects of a contract is that it must be legally binding. When a contract si binding, its terms can be enforced by the court.

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Legally Enforced Agreements

Binding contracts are a vital part of many different functions from buying a car to being hired for a new job to even being allowed to stream music. When a contract is binding there are enforceable consequences for breaching it which incentivizes all parties to abide by the contract terms. With binding contracts being such an integral part of modern life, it is important to know what elements make up a binding contract as well as the circumstances under which a contract could be considered no longer binding.

Elements of a Binding Contract

There are two major elements of a legally binding contract: consideration and consent. Consideration requires that two parties who form a contract each benefit in some way from the agreement. A simple example of consideration in contracts is an employment contract. The employer gains the benefit of the employee’s services while the employee gains the benefit of a wage or salary for their work.

The second element is consent. Simply put, this means that both parties agree to be bound by the terms of the contract. The most important requirement for the consent aspect to be fulfilled is that neither party is being forced to agree because they have no other choice.

Disputing a Contract’s Legality

There are some times in which a contract’s enforceability can be challenged. Contracts that are deemed unenforceable are known as unconscionable contracts. Unconscionable contracts are so one-sided or unfair that a court finds that the terms and consequences are not legally able to be enforced. Usually an unconscionable contract violates either the consent or consideration elements of a contract and sometimes both.

There are a number of ways that the consent portion of a contract can be violated. Whether due to a severe power imbalance between the signing parties or through deceit, one party is misled or is not given a fair choice before being pressured to sign the contract. On the other hand, sometimes a contract is unenforceable because there is no consideration to one party. An example would be an employee signing an amended employment contract that required them to take on additional job responsibilities under threat of firing. The employee is not getting anything out of this contract and is in fact being threatened with their removal from the company. If the case went to court, the employee could argue that the new contract is unconscionable since there is no consideration for their interests.

Advocating For Your Interests

If you are seeking to navigate the complexities of binding contracts, you will need the help of an experienced contract law attorney. A contract law attorney is able to focus completely on your case, zealously advocate for your interests, and get you the best possible outcome.

In order to achieve this best outcome, however, you will need an attorney who has the expertise and resources to take your case all the way. That’s why you should contact Attorney at Law. By partnering with AAL, you will be able to avoid slogging through the quagmire of unscrupulous lawyers looking to exploit your case.

At AAL, we only partner with the best firms in your area, helping you find the best attorney for your case. Don’t wait, contact AAL today to be matched with skilled and experienced attorneys in your area who practice contract law.

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Binding Contracts Frequently Asked Questions

1. What is a binding contract and how is it formed?

A binding contract is any contract that can be legally enforced. To that end, a binding contract is formed whenever a legally legitimate contract is signed by all parties.

2. What are the essential elements of a binding contract?

There are two essential elements for a legally binding contract: agreement and consideration. Agreement simply means that both parties have assented to the terms of the contract. Consideration means that both parties involved in the contract got something out of the agreement. This could be as small as a one-time service, or as large as a multi-million dollar retainer fee.

3. Can a binding contract be oral or does it have to be in writing?

The difficulty of oral contracts is reviewing and confirming the terms once the contract has been spoken. If an oral contract is recorded it may be binding but in general a contract is only binding if there is a way to refer to the terms once created. For this reason the vast majority of binding contracts are written.

4. What happens if one party breaches a binding contract?

What happens when a binding contract is breached depends on who breached the contract, how, and the specific terms of the contract. If the terms of a payment plan are breached by the payer then the full amount may become due immediately. On the other hand, if the terms are breached by the party owed money, they may forfeit their claim to the remaining balance. If a piece of property was exchanged, breach of contract may result in repossession of the property. Terms for breach of contract are usually contained within the language of the contract itself.

5. Are there any circumstances where a binding contract can be void or unenforceable?

There is such a thing as an unconscionable contract. An unconscionable contract cannot be enforced because it fails to meet one or more requirements for the contract to be legally binding. The agreement part of the contract can be unenforceable if the agreement was forced or occurred between two parties with a severe power imbalance, for example between a CEO and entry-level worker. The consideration part of a contract can be voided if one party did not actually receive any kind of incentive for agreeing to the contract. Other ways for a contract to be unenforceable is if there was hidden information, undue pressure, or misleading language.

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