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Contract Law Contract Laws Video

Contract Law - Terms Contract Law Contract Laws.

A contract is a legally enforceable agreement between two parties for goods or services.

Contracts can be oral or written, though it is generally recommended that contracts be in writing and signed by both parties. A contract is formed when there is an offer to do something, acceptance of that offer, and consideration.

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Consideration is the agreed upon exchange between the parties. For example, when a person contracts with a carpenter to build a bed, the carpenter builds a bed in exchange for payment at the agreed upon price.

Once the parties have come to an agreement regarding the terms of the contract, they are both legally obligated to fulfill their obligations under the contract. If they fail to do so, they have breached the contract and can be held liable in a court of law.

What Does It Mean to Terminate a Contract?

Terminating a contract means legally ending the contract before both parties have fulfilled their obligations under the terms of the contract. There are a variety of reasons why a party can terminate a contract. When and how the contract is terminated will determine whether either party has any liability for Contract Law Contract Laws of the contract before it was terminated. After a Congract is terminated, the parties to the contract do not have any future obligations to each other. However, one or both parties might be liable for breach of the terms of the contract prior to termination. The terms of the contract might also determine what happens after the contract is terminated.

In the absence of language in the contract that states what will happen if the contract is terminated, the parties have the option to seek a legal remedy for any breach.

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There are several legal remedies available when there has been a breach of contract. Specific performance is rarely awarded for breach of contract, unless the subject of the contract was so rare or unique that no amount of compensatory damages could put the innocent party in the position they would have been in had there been no breach. Impossibility of Performance.

If it is impossible for one or both parties to fulfill their obligations, the contract can be terminated. It must be impossible for anyone to perform. This is called objective impossibility.]