Contract law is a branch of the legal sector that deals with the legal binding and exchange of agreements between group or parties; in effect, a contract. A contract can be many things: verbal, written, even action oriented. If you buy a dress, for example, you’re contracted to pay the amount of the dress to the merchant. Our daily lives are full of contracts and agreements, some, like the dress, which we don’t normally think about.
What contract law does is protect, defend and examine contracts made between people, agencies, groups, organizations, etc. It falls under the civil law system and is considered part of laws surrounding obligations, or ‘law of obligation.’
Much of the time, the sector of contract law is concerned with breaches of contracts and solutions to the problems that accompany these breeches. What most people don’t know is that, contrary to what they may believe, an informal contract (one made orally, even lightly) can still be as binding and legal as a written contract.
Contract lawyers deal with everything from the formalities and details of a contract to its ultimate follow through. A contract lawyer will ideally ensure that the contractual terms of the contract are complete and in no way uncertain.
This is highly important because, if the terms of a contract are determined ‘incomplete’ or ‘uncertain,’ the contract is liable for severance. For example, if an agreement was made between two parties, and one party tried to break the contract, they might be successful if the contract is deemed uncertain or incomplete by a court of law.
In order to obtain damages for breaking (breaching) a contract, a person may bring a suit against the contract-breaker by filing a civil lawsuit usually in a state court. However, if the contract contains an arbitration or mediation clause, the parties may petition the court to appoint a private arbitrator or mediator to hear their case.
Hiring a contract lawyer to help you out with this process is well worth your time, as they can help resolve any disputes you have with a contract and conversely, ensure a contract is solid and legal, without any uncertain terms that could be grounds for severance.