When entering into a contract in both business and personal settings, it is important for the participating parties to be fully aware of all aspects of the contract.
There are two forms of contracts: verbal and written. In Florida, certain types of contracts are required by law to be in writing, but verbal contracts are generally otherwise enforceable.
Written contracts are usually preferred because the document may prevent or help with settling disputes about the terms and conditions of the agreement. Written contracts must contain a certain amount of detail in order for it to be enforceable, so they should almost always be drafted by, or at least looked over by, an attorney.
A breach of contract occurs when one of the parties fails to perform their end of the bargain. This can result in the offended party suing the breaching party. In this case the offended party usually looks for one of two solutions: for the breaching party to fulfill their end of the contract or monetary compensation for the act not being completed. The dispute may go to a certain court or to arbitration, depending on the terms of the contract.
If you are considering entering into a contract, you should consult with a lawyer to make sure you are aware of your rights, obligations, and the consequences if the contract is breached.
As the saying goes, “NEVER sign anything you don’t understand.”
