Business Contracts & Agreements

It is crucial for you to comprehend the contracts and agreements involved in business transactions. The arrangement and agreement must be drafted in straightforward language that may be understood. You’ll need a lawyer in this situation. Our business attorneys at Luthra Law can help with the planning, drafting, reviewing, and negotiating contracts. Contracts are what bind your company to another business entity; thus, you must draft them correctly.

Luthra law boast of skilled business lawyers that provide effective and efficient contracts either as an individual or for your corporation. We run legal services around Greater Toronto Area, including Mississauga, Oakville, Burlington, Milton, Brampton, Guelph, Waterloo, Kitchener, Hamilton, Newmarket, Vaughan and North York.

What guarantees a binding contract?

The following are elements that shows a contract is legally binding:

OFFER:

An offer is initially made as part of negotiating a contract or other agreement. An offer is a declaration of interest in a value from a company or person. An offer will contain specifics and information about what is being bought or exchanged and the terms and conditions that must be followed strictly for the exchange to occur. How an offer is received might take many different forms; however, it frequently comes in the form of a written message.

ACCEPTANCE:

The offeree can accept or reject the offer once the offeror has expressed his interest in the company or its value by extending or announcing the offer. Similar to the offer, an offer can be accepted or refused in various ways. An acceptance letter may be delivered orally, in writing, or via mail. There must be an explicit clause in the acceptance explaining the basis of why the offer is accepted. This will make it easier for both parties to know what they are dealing with, whether it is appropriate, and how to proceed.

CONSIDERATION:

To have a legally binding agreement, both parties must exchange something of value at the consideration step. Exchangeable items include cash, goods, services, and protection.

LEGALITY:

Each party must demonstrate that the outcome of their contract or agreement is legal and does not harm any members of society. This means you cannot enter into a contract for illicit goods or services, such as armed robbery.

CAPACITY:

This stipulates that for a contract to be valid, each party must be able to engage in one. For a contract to be deemed legitimate, both parties must be of legal age, have a valid agreement, and be of sound mind. If one of the parties is threatened or influenced by a substance that impairs the decision, the contract will not be considered.

Making the agreement terms as clear as possible on your written contract with another individual or business entity is very important. There are, however, many exceptions when making a contract.

How can I get out of a Contract?

There are numerous ways to break a contract, and our team of lawyers is aware of the unique features of each one, and this will influence how they are evaluated. This is why you must speak with a lawyer. At Luthra Law, your lawyer will go through the specifics of your contract and the best course of action.