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What are the elements of contract formation in Nashville?

Nashville, TN – One of the most important things that a business must do is to create agreements that will be legally enforceable. This is typically done through contracts that are formalized in writing with vendors and employees, although courts have also recognized other types of agreements as valid contracts under certain situations, such as when there is an industry custom or verbal agreement. When a contract is breached or the business needs its terms to be reviewed, an attorney who focuses on contract law can provide these kinds of services as well as representation if there is a lawsuit. 

The offer

The first step in contract formation includes an offer from one party to the agreement to the others. This can be something as simple as offering an item for sale at a certain price, to more complex transactions that involve various other terms. 

Acceptance of the offer

The first step of the offer must be accepted by the other party or prospective employee. Many times, the accepting party will negotiate and ask for modifications of terms before they choose to accept and be bound by them. Both the offering and accepting parties formalize their assent to the terms by signing the pages of the contract in most cases. 

Consideration

There needs to be some kind of detriment in the contract for it to be considered valid. While this is one of the more confusing aspects of contract law, it is important because this is the main element that distinguishes a contract from a promise or gift. This is most commonly done when money is offered by one party to the other party who needs to provide a product or service in exchange for that money. Both parties have consideration because one is losing money, and the other is losing a product or their time and labor for the service. 

Breach of contract lawsuits

It is common for one party to violate the terms of the agreement in some fashion and fail to uphold their end of the bargain. Disputes and lawsuits related to contract terms are very common in the business world, which is why it is important for the document to be formalized and reviewed before signing, and the business should also have their lawyer available when disputes arise or if they are sued for a breach. Damages in breach of contract lawsuits are related to the specific losses that the non-breaching party will endure by not having the document’s terms fulfilled. 

Meeting with a local business attorney in Nashville

The Law Office of George R. Fusner is a firm that has extensive experience with business law matters in Tennessee. Anyone who needs legal advice can schedule a consultation and ask questions for more information. 

Firm contact info:

The Law Office of George R. Fusner

7104 Peach Court, Brentwood TN 37027

615-251-0005

gfusnerlaw.com

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