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Michele A. Smith Law Office, L.L.C.

Contracts are promises that the law will enforce and may be either written or oral.  The law provides remedies if a promise is broken or “breached”.  To be legally binding as a contract, a promise must be exchanged for adequate consideration. Adequate consideration is a benefit or detriment which a party receives which reasonably and fairly induces them to make the promise/contract.   An oral  promise may be considered a contract, and may be enforced,  if one party has relied to his detriment on the promise of the other party.

Contracts are mainly governed by  statutory law and  common law.   Common law is based upon judge’s decisions.   Statutory law may require some contracts be put in writing and executed with particular formalities. Contact our office at 419-502-2002 if you believe you have entered into a contract and have contract law issues.