Contract Law is one branch of law that has extensive application in day to day life. Everyday dealings have certain contractual element in them. This makes the field of contract law very significant. A contract is a legally enforceable agreement between two or more competent persons (individuals, businesses, organizations or government agencies) to do, or to refrain from doing, a particular thing in exchange for something of value. Contracts can be verbal/oral or written. On the breach of the contract/agreement, the party who fulfills all the obligations of the contract/agreement can approach the court seeking relief against the party who had committed the breach. There are certain essentials of a valid contract.

• Competent parties
  A contact can only be valid if it is entered into between two parties competent to contract. Incompetence to contract is related to a party being minor, intoxicated or mentally incompetent.
• Agreement
  An agreement includes an offer and an acceptance. One party must offer and another party must accept the terms of the offer. All contracts are agreements but all agreements are not contracts. An offer is a promise to do or to refrain from doing some specified thing. The terms of the acceptance must be the same as the terms of the offer.
• Consideration
  For a contract to be valid it is essential that the promise to do or to refrain from doing something is in return for some consideration. Some contracts may be enforced (or partially enforced) under the doctrine of promissory estoppel even though consideration is lacking.
• Meeting of the minds
  The parties to contract must agree on the same terms and conditions. The terms of the offer that has been made by one party should have been accepted by the other party.
  

Legal Contracts

A contract to do something illegal is void ab initio and breach of an illegal contract cannot be enforced in any court of law. Further a contract that is opposed to pubic policy would also not be enforceable by a court of law.

Contract performance and remedies

Performance of the contract: The parties can perform their contractual duties in order to determine them. Failure to perform one’s contractual duties results in a breach of the contract.

Substantial Performance: If the substantial part of the contract has been performed by a party, it can determine the contract. However as substantial performance is not the actual total performance of the contract, the other party is entitled to damages.

Performance impossible or commercially impracticable: If, after a contract has been made, performance becomes objectively impossible (for example, the subject matter is destroyed), then the parties’ performance is excused. Also, if performance becomes extremely difficult or expensive due to some event, a court may excuse performance.

Remedies for breach of contract:

Following are some of the remedies available on the breach of contract:

• Compensatory damages- to reimburse the injured party for the actual damages sustained.
  
• Money damages are a legal remedy designed to compensate a party for the loss of the bargain
  
• Consequential and incidental damages- to reimburse for losses caused by breaches foreseeable at the time of the contract
  
• Liquidated damages - these are damages specified in the contract that would be payable if there is a breach of contract.
  
• Specific performance – specific performance of the contract can be sought by a party if the wronged party has performed its part of the obligation under the contract and money damages are inadequate. A court may order performance as specified in the contract.


• Rescission - the contract is cancelled/ rescinded and the contract is not required to be performed and any consideration advanced is returned.
  
• Reformation is an action asking the court to rewrite the contract to reflect the party’s true agreement.

OUR SERVICES

Contracts are ubiquitous in our society. Any business dealing whether pertaining to a small transaction or multi-million transactions involve formation of contracts. In a contract each side must be clear as to the essential details, rights, and obligations of the contract. A comprehensive written contract helps in outlining the rights and obligations of the parties under the contract.

Our services in the field of contract law include:

• Collect information from the client to determine the requirements of the contract to be drafted.
  
  
• Review and draft contracts and agreements as per the client’s rights and obligations governed by the contract.
  
  
• Conduct legal research on the subject matter of the contract.
  
  
• Draft a claim petition on behalf of the client to seek relief against a breach of contract.
  


• Assist in preparation of the defense of a client in case of breach of contract.
  


• Assist in drafting a settlement proposal.