Contract law identifies the issues of agreement and controls the rights and duties. A contract is a legal bond or agreement or promise or set of promises between people creating mutual obligations enforceable by law.
In a contract, mutual assent, adequate consideration is expressed by a valid offer and acceptance, capacity; and legality. These are some basic elements which are responsible to make the contract. In other words, the element of consideration can be satisfied by a valid substitute. Possible remedies for breach of contract include general damages, reliance damages, and consequential damages.
Contracts are agreements which are enforced by the law. If we breach the contracts, there are some rules in the law which punishe us and offers remedies to the harmed party.
Why we use agreements?
Contracts are used when two persons or organizations are ready to do something together. In the contract, parties are bonded to follow the rules of the contract and to protect each other’s needs and rights.
What should you check before making a contract?
It's the most important to know all the rules that must be followed by you. If you sign the contract without reading it and break any of the rule, then you are responsible for punishment as per rules of the contract. You have the right to ask the front party to explain the contract beforehand.
What are punishments if one of the parties breach the contract?
If any of the parties breach the contract then the party is responsible for punishments. In the contract, rules are given for punishment. If a party breaches the contract and does not obey the rules then the second party can sue it and the court will decide the punishment.
Helpful tips before signing a contract:
- Never sign anything that you don’t agree with.
- Never sign anything that you don’t understand.
- Put your contract in writing.
- Do not promise something that you cannot provide.
- Always keep a copy of all the documents that you sign.
Before signing any contract for a big deal, you first consult with the best business litigation lawyer in Singapore who will help you understand the legal issues that can occur for breaching the contract. If you don't do same, you may face big problems.
