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.