What Is a Contract?
A contract is an agreement, hopefully written but not always, between people or businesses, where one party promises to do something for the other in exchange for a benefit and intended to be enforceable by law. When you need a contract law attorney in Las Cruces, we’re here to help.
What are the typical types of contracts?
Contracts come in all varieties. For example, sale of goods or services, sale of property, a commercial lease, sale of a car, or mergers of two corporations. Essentially, any transaction or interaction between businesses and/or individuals that involves agreement between two parties to provide a product or service is a “contract.”
Many, but not all, types of contracts are verbal. For example, someone may agree to mow your lawn verbally in exchange for $20. Verbal contracts can be enforceable, if there are enough details about the transaction that can be gathered together to enforce such agreement.
Most commonly, for larger transactions, it is important to have your agreement in writing so that it is easier to know when there is a “breach” and determine what remedies there may be for the non-breaching party.
Some contracts, like those related to the sale and purchase of real estate, must be in writing.
In sum, a contract is enforceable when both parties agree to something, back the promise up with money or something of value, both are in sound mind and intend to carry out their promise and what they promise to do is within the law.