In Texas, a contract is a legally binding agreement between parties to
do something or not do something. Several factors must be considered before it can be determined if a legally binding agreement has been made. Even once a contract has been created, additional factors are usually in play to further establish its validity. And if a breach has transpired, there is still a question whether or not damages have been incurred.
Elements: A legal and binding contract usually contain the following:
- Legal Purpose
- Mutuality of Obligation
- Competent Parties
: Is the contract valid? Or is there a defense that automatically makes the contract unenforceable (void) or provide a party or parties an option not to enforce the contract (voidable). Factors to consider:
- Actual Authority
- Apparent Authority
- Implied Authority
- Mistake, Duress, Fraud
- Statute of Frauds
- Parole Evidence Rule
Damages: Which party breached the contract, and was the breach material? What was the subject matter of the contract? Possible damages include:
Other Remedies to consider:
Call Setterberg Law Office to discuss your contract needs and concerns.