Contract law is an area of law that makes and enforces legally binding agreements, called contracts. Agreements and contracts are a common part of daily life for most people. When you engage in certain business transactions, particularly those with price tags over $500, you'll often sign a contract with the company outlining the terms and conditions of the arrangement. A contract outlines the terms of an agreement in clear language. Agreements, meanwhile, are even more common. Anytime you and another person embark on a mutually beneficial project, you've made an agreement.
Contract lawyers have two primary responsibilities: creating contracts and enforcing contracts. These attorneys help parties create fair, straightforward, and legally binding contracts for high-value or complex transactions. Should one of the parties breach the contract, or not hold up their end of the agreement, the contract attorney can mediate a solution, or litigate the matter in court.
Contract lawyers can work in a variety of professional environments. Some of them open private practices where they work independently or with a few other attorneys to provide contract services. Others work as in-house counsel for companies or corporations that enter into contracts often and need the oversight of a lawyer regularly. Finally, some work at large law firms that practice many different types of law and assist the firm's clients who need help to create or enforce a contract.
Occasionally, you'll hear the terms "contract" and "agreement" used interchangeably. Agreements are understandings or arrangements that are not necessarily legally binding. Contracts are a type of agreement that are, by their nature, legally binding. Both types of understandings have their benefits and disadvantages.
Agreements are often used for informal arrangements. The only necessary element to form an agreement is for the parties involved to mutually agree on the transaction, project, or outcome. Adherence to the agreement relies entirely on the honesty and integrity of the parties involved. Since agreements are often verbal and are not legally binding, there's no legal recourse to recover damages should a breach of the agreement occur.
Contracts, by contrast, are formalized legal documents . They require a specific set of elements and should be written and signed. In the case of a breach of contract, the wronged party has legal recourse and can sue their counterpart for damages in court.
All contracts must include a few specific elements . Without these terms, the contract may be deemed invalid:
Additionally, the contract must represent a legal activity. For example, a "contract" outlining the terms to sell illegal drugs would not be enforceable in court since it deals with a criminal action. A final condition is the legal competency of all parties involved. Minors and those individuals deemed legally incompetent cannot enter into binding contracts since they might not understand the terms, expectations, and consequences of doing so.
Contracts can technically be verbal, but they are incredibly hard to enforce that way. It's almost always recommended that if you're entering into a contract, you do so in writing. This way, should there be a dispute or a breach of contract, your contract lawyer or the judge in court can review the specifics of the contract and provide a fair legal remedy.
Contracts come in a variety of forms depending on the parties involved, the terms of the transaction, the considerations, and the specifics of the situation. A few common types of contracts include:
If you'd like to form an agreement, all you need to do is come to a mutual understanding with the other parties involved in the transaction. Entering a formal and legally binding contract requires a bit more upfront work. If you'd like to write the contract yourself, first consult the laws that govern binding contracts in your state. Next, find a template or work from scratch to list all necessary elements of the contract. Finally, have all parties sign the contract and retain copies.
Another option is to hire a contract attorney to assist you. If you're creating a contract for a high-value transaction, a licensed contract lawyer can ensure that you and the other parties involved are adequately protected. Additionally, they'll know if your situation requires any additional terms and how to write the language of the contract clearly should it be disputed in court. Using a contract lawyer to create your contract could save you time and money in the long run should any of the parties involved dispute or breach the contract.
A breach of contract occurs when one or more of the parties does not uphold their agreed-upon terms in the contract. For example, if you hired a contractor to remodel your bathroom, and they did not finish every aspect of the project as outlined in the contract, they would be in breach of contract. Conversely, if they completed the project , but you did not compensate them according to the contract, you would be in breach of contract.
When breaches occur, you have two options — seek mediation from a contract lawyer or sue the party in breach of contract and take them to court. Most often, the remedy for breach of contract is compensatory damages. The party in violation of the contract must pay a specific amount decided upon by the attorney or judge. In cases of an egregious breach of contract, the party in the wrong might also have to pay punitive damages, or additional money to compensate for the pain and suffering of the wronged party.
Most states have specific laws that outline the necessary elements and terms of legal contracts. To ensure your contract meets those specifications, it's important you review any relevant legislation or consult with a contract lawyer.
Contract law is a fascinating area of the legal profession. Lawyers who work to create or uphold contracts help businesses run smoothly and individuals protect themselves on a daily basis. If you need assistance creating a contract or suing a person or business for breach of contract, reach out to a contract lawyer today.
ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.
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I worked in the Intellectual Property Group at Fidelity Investments for almost 25 years, including managing the group from 2017-2021. I managed and developed the same high-performing group of three legal professionals from 2007-2021. Early in my career at Fidelity, I focused primarily on trademark matters, including trademark searching and clearance, as well as enforcement of trademark rights. In fact, I created Fidelity's trademark and brand protection programs and advanced them over more than two decades, eventually bringing the domestic trademark portfolio in-house and realizing savings of well over $2 million in outside counsel expenses for searching, prosecution and maintenance of US registrations from 2008-2021. Fidelity put me through law school, and I continued working full time while attending law school at night over four years. Upon graduation and passing the bar in 2006, I was promoted to an attorney position effective 1/1/2007. My practice broadened, and I began working on more transactional matters. I became a key transactional attorney for major technology groups and businesses within Fidelity, and negotiated numerous mission critical tech deals, transforming Fidelity's business. I provided transactional and IP support for Fidelity's software development and services affiliate in Ireland, and worked extensively with many of Fidelity's other foreign affiliates. Fidelity's General Counsel handpicked me to provide transactional and IP support to a new business initiative in 2017. That initiative became fintech startup Akoya, LLC, a paradigm-shifting business that enables secure, customer-controlled sharing of personal financial information between financial institutions and service providers. I developed template agreements between Akoya and data providers (financial institutions) and also between Akoya and data recipients (e.g. tax preparation services and financial advisors). Akoya had matured enough to be spun out by Fidelity in early 2020 to a consortium of financial services companies. In 2021, Fidelity offered a voluntary buyout to long-tenured associates, and following the pandemic, coupled with the financial and health benefits included in the package, it was an offer I could not refuse. Days later, my elderly father-in-law broke his hip, and my wife and I became his primary caregivers. It's been a blessing that I was able to contribute to his care and alleviate some of the burden on my wife. He is now in a long-term care facility, and I am eager to return to work as in-house counsel, whether on a contract basis, part time or full time. I did work briefly as a sole practitioner in 2021 and 2022, primarily helping friends, family and pro bono clients with NDAs, business formation issues, consulting agreements and license agreements. From August 2022 - July 2023, I was on the staff of Flex by Fenwick, an in-house counsel on demand business that is a subsidiary of the IP firm Fenwick & West, but did not get any engagements. My wife and I have volunteered for over a year with a dog rescue, Last Hope K9 Rescue, and have fostered several dogs, and adopted two of them!
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