CONTRACT LAW
Our firm provides the insight, experience and skills to assist businesses of all sizes in business contract review, negotiation and drafting.
Oftentimes one party of a contract fails to uphold his end of the bargain which may or may not result in litigation. Breach of contract is actionable under common law and the Uniform Commercial Code, which provide scenarios for damaged parties to receive rescission, restitution, equitable remedy, the recovery of actual damages or recovery equal to the benefit of the bargain, and recovery of expenses made in reliance upon the contract. In a breach of contract claim, attorney’s fees may be awarded.
When a contract dispute arises, the Spencer Law Firm considers the needs and goals of each client in a contract dispute and ultimately will resolve the dispute to our client’s satisfaction. Sometimes the contract dispute can be resolved by negotiating new terms, a simple demand letter, mediation, arbitration or, as a last resort, through litigation. We will work within the goals of our client to resolve any and all disputes as efficiently and as quickly as possible so that our clients can get back to business.
We will work tirelessly to help our clients find business solutions and opportunities across all industries.
What is Contract Law?
Understanding Contract Law – A Complete Guide
Contract law is the foundation of all business and personal agreements. Whether you are signing an employment contract, purchasing a property, or engaging in a business partnership, contracts play a crucial role in protecting the rights and obligations of all parties involved. In Texas, and especially in Houston, contract law follows specific guidelines that individuals and businesses must adhere to for a contract to be legally enforceable.
In this guide, we will explore everything you need to know about contract law, including its key elements, types, common disputes, and how The Spencer Law Firm can assist you in contract-related matters.
Contract law governs legally binding agreements between two or more parties. It ensures that agreements are honored and provides legal remedies in case of a breach. A contract can be written or verbal, but for enforceability, written contracts are preferred, especially in complex agreements.
Key Elements of a Legally Binding Contract
Understanding Contract Law – A Complete Guide
For a contract to be legally enforceable, it must include the following elements:
1. Offer and Acceptance
One party must make an offer, and the other party must accept it under the agreed terms.
2. Consideration
There must be an exchange of value, such as money, services, or goods.
3. Legal Capacity
All parties entering the contract must have the legal capacity to do so. This means they must be of legal age and sound mind.
4. Mutual Consent
Both parties must agree to the terms voluntarily and without coercion.
5. Legality of Purpose
The contract must be for a legal purpose. Any contract involving illegal activities is void.
Why Choose The Spencer Law Firm?
✔ Nationally Recognized Trial Attorneys with Over a 3 Decades of Combined Experience
✔ Tailored Legal Strategies for Litigation & Alternative Dispute Resolution
✔ Comprehensive Legal Guidance for Both Proactive & Reactive Business Needs
✔ Expertise in Specialized Areas, Including Healthcare, Oil & Gas, and Construction
Need legal assistance with a vendor or supply dispute? Contact us online or call to schedule a consultation.