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What are the important parts of contract law for businesses in Tennessee?

Nashville, TN – Being able to make agreements and have them enforced is crucial to the functioning of any business. Contracts are the most common way for companies to do this with various other parties in a formal, written manner. It is helpful for any business to understand certain aspects of contract law that will likely affect them at some point in the future, as legal action for contract breaches is a regular occurrence. 

Attorneys near me can provide more advice related to contract law, as well as other business issues and legal problems. 

The elements of contract formation

A contract needs to have certain elements present to distinguish it from a mere promise to do something that cannot be enforced legally. These are an offer made by one party, acceptance of that offer by the other party, and consideration. Consideration is an important part of this process, as it represents the detriment to the parties involved. For example, a common form of consideration is an exchange of money for services. The consideration is the fact that one party must spend money and the other must invest time to perform the service. 

Breach of contract

It is common for contracts to be breached by one or both parties to fail to complete the terms as written in the document. The non-breaching party always has the right to file a lawsuit and ask for various kinds of assistance from the civil courts. The type of help that courts can provide for a business that files a breach of contract case are called remedies. 

Remedies

Remedies given by courts tend to include money lost due to the failure to perform as written in the document. In rare cases, it is possible that a judge can order certain other remedies such as specific performance of the document’s terms, or rescission of the contract so that the parties are no longer bound by the terms. 

Implied contracts are possible

It is possible that courts can imply a contract in situations where they may not be a formal written document. Things like verbal agreements, industry custom, and the prior relationship and practice between the parties can be relevant. However, it is still always helpful to have specific terms written whenever possible, as situations where there are disputes without a written document can be more difficult to predict the outcome. 

Business lawyers in Tennessee

The Law Office of George R. Fusner is a firm that works with people in the Nashville area to solve their business problems. Those who need additional advice can contact the firm to learn about how an attorney can help. 

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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