Contracts FAQ – Get Answers And Advocacy
At our business and commercial law firm in Houston, we often receive questions about contracts — often having to do with definitions, how-to’s, interpretation of terms and situations leading to litigation. At Pipkin Ferguson, PLLC, we gladly explain concepts to clients as well as advocate for them when disputes arise over contracts in particular circumstances.
What Is A Contract?
A contract may be spoken or written. It is mutually agreed upon and creates enforceable obligations. In most cases, a contract specifies what one party will give or provide or do and what the other party will pay or how that other party will otherwise reward or compensate the doer.
Who Can Legally Enter A Contract — And Be Held Responsible For Fulfillment Of A Contract?
Someone who is competent and of the age of majority (typically 18) can enter into a contract.
What Is Breach Of Contract?
When a party to a contract fails to deliver goods promised, perform services as promised or pay according to the terms of the contract, the contract has been broken, or breached. Breach of contract is a cause of action in civil lawsuit.
What Is A Successful Outcome Of A Breach Of Contract Claim Or Lawsuit?
Ideally, a party will do whatever it failed to do to satisfy the contract. This may mean delivering a product, performing a service or paying for goods or services. Sometimes, however, parties reach an agreement to consider the contract satisfied by a lesser or different way. This may mean paying less, delivering later or correcting services that were substandard.
What Does The Uniform Commercial Code Have To Do With Contracts?
It is a body of statutory law that has been adopted by almost all 50 states and governs important categories of contracts common in business and commerce.
What Do State And Federal Laws Say About Contracts?
These laws contain many specific regulations about contracts in particular areas of business or for particular business activities.
Legal Counsel Regarding TX Business Contracts
When Is It Time To Bring A Contract Lawyer Into The Picture?
A lawyer can help you create, revise, negotiate or finalize a contract. He or she can also represent you as a plaintiff or a defendant in case of a breach of contract claim.