Michigan Contract Laws
A contract is a legally binding and enforceable accord between two or more individuals, businesses, associations, organizations, federal or state government, or any combination of the previously mentioned entities. Business owners and individuals enter into contracts on a daily basis, many times without giving it a second thought. Contracts are a regular and constant part of life in business. Bills of lading, packing lists, purchase orders, service agreements, and credit card purchases are some examples of more discrete legal contracts. Acontract is any commitment between two or more parties to execute, complete, uphold, or to refrain from participating in a predetermined and specified action in exchange for something of consideration. The terms of the contract are the conditions by which the contract is to play out.
Contract law can cover anything from individual agreements to corporate procedures. A Michigan contract attorney from the law office of Trainor and Associates can make sure that your best interests are represented in any contractual agreement. That in turn can save you time and money. We can help you make sense of real estate purchase agreements, mergers, and other business contracts, or indemnity agreements to help you determine what is in your best interest so you can make an informed and educated decision. For acontract to be legally binding certain condition must be met. The parties must be mentally competent; the persons involved must be of legal age (18 years of age or older), even though minors can be legally responsible for certain contracts: and the agreement must be mutual and voluntarily entered into by all parties involved.
Common contracts include:
- Agreement for the Sale of Goods
- Franchise Agreement
- Advertising Agreement
- Partnership Agreement
- Employment Agreement
- Consulting Agreement
- Sales Representative Agreement
- Confidentiality Agreement
A breach of contract means that one or both parties have violated theterms of the contract. The law offers many ways of forcing the violating party to compensate or adhere to the terms of the contact. At the law office of Trainor and Associates, we can help bring legal charges against the breaching party and force them to either honor the contract or pay reparations for breaking the contract.