What is a contract?
- A contract is a legal agreement between two or more parties. Contracts can be in writing, or they can be oral.
- In order for a contract to be legally enforceable, the following elements must be present:
- Offer and Acceptance: one party must offer to do something, and the other party must accept that offer.
- Intention to Create a Legally Binding Relation: there must be a consensus ad idem “meeting of the minds”, between both parties. The parties must intend to intend that the promises made to each other is legally binding.
- Exchange of Valuable Consideration: for the contract to be enforceable, each party should promise something of values or promise to suffer a detriment.
- Legal Compliance to Contract: parties should be equivalent in bargaining power. That is, meet the minimum standards for intelligence, maturity, and rationality.
- Compliance with Legal Formality Requirements: compliance will depend on the type of contract being created.
What is contract review?
- A contract review is a thorough examination of a legal agreement before it is signed. A review can ensure that everything stated in the document is clear and precise.
- Contract review can assist in spotting errors or discrepancies which a party may overlook.
Unfortunately, contract review can be a laborious and time-consuming process. Contract review involves working through contracts line by line in order to analyse the implications of each provision. At Joston Law, our legal practitioners can use their expertise to read each contract thoroughly and expeditiously to understand the terms and conditions of a contract.
There are several types of contracts we review, including but not limited to:
- Franchise agreement/ License agreement
- Confidentiality/Non-disclosure agreement
- Loan Agreement
- Motor Vehicle Repair Agreement
- Employment Contracts
- Business to Business Agreement
- Business to Consumer Agreement