Legally binding contracts are the foundation of a business, its relationships with partners, and its arrangements with clients. The basic idea of a contract – a mutually agreeable arrangement between two or more parties – is simple enough. However, writing and enforcing a clear, useful contract can be far more complex than it may seem at first.
Unfortunately, contract disputes are a common part of doing business. The right legal assistance can help you in two key ways: by helping to draft enforceable contracts that are in your best interests, and by defending your rights in disputes. If you need assistance with writing or enforcing an important contract, call your Iowa lawyers of LaMarca Law Group, P.C. at (515) 705-0233.
The Basic Elements of a Contract
The details of different contracts can vary widely, but each one should contain the following basic elements:
- Mutual consent: Each party to a contract must be a consenting, legally competent adult.
- Offer and acceptance: A contract needs to clearly spell out what each party is agreeing to do or provide for the other party or parties. This usually entails exchanging a good or service for an agreed-upon price, although other kinds of arrangements are also possible.
- Mutual consideration: Each party to a contract should receive something of value in exchange for the good, service, or payment they are offering. A contract may be found invalid if one party is only agreeing to something they would be legally obligated to do anyway, or if one party does not receive anything of value.
- Performance or delivery: You cannot enforce the terms of a contract until you have met the requirements you agreed to.
- Good faith: Every contract is assumed to have a clause of good faith, whether or not this clause is actually written. “Good faith” means that each party is making an honest commitment to follow the terms of the contract.
If you are concerned about developing a fair and enforceable contract, or if you are having difficulty enforcing a contract you have entered, our Iowa business attorneys are here to fight for you.
Your Iowa lawyers of LaMarca Law Group, P.C. are dedicated to providing aggressive and effective legal representation. Contact our offices today at (515) 705-0233.