Contracts are private agreements entered into by two or more parties with the intention of creating legally binding obligations. Although contracts can be made orally, certain contracts must be in writing if they are to be honored or interpreted by a court (e.g., contracts for the sale of land).
Breach of contract occurs when a party is under an absolute duty to perform, the absolute duty of performance has not been discharged, and there is a failure to perform in accordance with the contract’s terms.
Certain contract often come with several strings attached. For instance, Personal Guarantees, Unsecured & Secured Debts/Loans are separate problems with a different set of legal issues — but they are usually incorporated into contracts, particularly for business owners. Real estate contracts, furthermore, often come with a seller’s disclosure statement and can easily run into problems with the Missouri Merchandising Practices Act if not done properly.
Contact us for a free consultation relating to contract problems, analysis, drafting, litigation, etc.