A Contract is a written or oral agreement between persons or entities in which one party agrees to provide a service or product in exchange for the payment of money or other products or services. A contract is formed when there is an agreement based upon an offer by one of the parties and the acceptance of that offer by the other parties involved.
However, even after the acceptance of an offer, an agreement is not necessarily a legally binding contracts. One cannot, for example, enter a contract based on an illegal or impossible act. Additionally, in order to enter into a legally binding contracts, parties must have the mental capacity to enter into that contract.
For a legally binding contract to exist there must be an offer, and the acceptance of that offer, involving the exchange of mutual promises to act and/or provide goods, products, services, or money – these are known as “consideration.” In order for a contracts to be legally binding and enforceable, there must be consideration. Additionally, an agreement to pay something or do something can also be binding if one of the parties acts to his or her detriment upon the promise to perform by the other party. In some cases, giving up the right to act in reliance on a promise may be enough consideration for a contract to be binding and legally enforceable.
A legally binding and enforceable contract can be either in written or oral form. Depending on the nature of the transaction into which the parties are entering, certain types of contracts are required to be in writing in order to be enforceable under Florida law. Generally, other than those specifically required by Florida law to be in writing, oral contracts are enforceable in the state of Florida, especially in situations where one party has already performed his or her obligations under the agreement.
How does Romy Jurado Approach the Drafting of a Contract?
When drafting a contract, my task is to ensure that my client’s expectations are successfully met. Every single one of the words included in a contract must accurately reflect my client’s desires and protect my client’s interests. If there are areas where one of my clients has no specific preferences, I will typically draft the contract so that the client’s general interests are looked after. I make sure to write every contract with confidence that the words I use will be interpreted by anyone who reads it in a way that reflects the client’s interests and intentions. I order to successfully write a solid, legally binding contract, I work diligently to:
- Structure the document using words that precisely convey the intended meaning to anyone who reads it;
- Plan carefully for the wide variety of potential misinterpretations that might occur in order to avoid them; and
- Use my extensive contractual knowledge to apply the standard tools of contract interpretation.
When trying to accomplish these goals, there are absolutely no substitutes for knowledge, experience, and of course, hard work. Additionally, my forward-thinking mindset throughout the entirety of the drafting process can go a long way towards ensuring that all my clients are protected in every contract they sign.
A solid contract uses a variety of legal structures in order to create duties and obligations between the parties involved. These main duties and obligations are known as the “substantive” or “business” provisions included in every contract.
The legal structures that construct these duties and obligations become the building blocks of every legally binding contract and they fall into basic categories, including:
- Representations; and
Protect Your Interests in a Contract with the Help of a Lawyer
According to the Florida Bar, many Florida residents lose money every year because they enter into contracts and do not really understand how to do it or what to do when the other party breaches the agreement. The advice of a qualified lawyer can, without a doubt, prevent the loss of money due to the lack of knowledge of the law governing contracts in Florida.
Only a qualified and experienced lawyer can advise you on whether an agreement is legally binding and what your options are upon a breach of contracts. Before you enter an agreement that requires payment of a considerable amount of money, it is best to have a qualified lawyer review and/or draft the contracts while making sure you understand every single provision.