Services / Contracts Contracts, no matter how large or complex, are nothing more than a promise or a series of specific promises. No more, no less. In the event that a contractual promise is broken, the law and the contract itself provide remedies to compensate the damaged parties. Sometimes even promises that are not considered contracts are enforceable if one party relied on the promise and was damaged because the promise was not kept. From a legal perspective certain criteria must be met in order for the parties to the contract to be protected. The parties must be competent and the contract must be based on something that has a measurable value. This element of value is referred to in contract language as the "consideration." A contract also cannot be based on an illegal activity. Contracts are primarily governed by state statutory, common law and the contract itself. Parties to a contract have what is referred to as "the freedom of contract" which principally allows the parties to establish their own requirements for the performance of a specific agreement. Statutory law may require some contracts be put in writing and executed with particular formalities, such as contracts for the purchase and sale of real estate, guarantees, and contracts of employment. Otherwise, the parties may enter into a binding agreement without signing a formal written document. Contracts related to particular activities or business sectors may be highly regulated by state and/or federal law. Our firm has significant experience in the formation of contracts. In addition, we are often engaged to negotiate complex terms and conditions regarding a variety of agreements such as, employment, business acquisition/transformation/transition, and commercial &residential leaseholds. Our attorneys are experienced in all types of contractual dispute resolution, including litigation, arbitration, mediation, labor and employment Boards. > Go Back to Services<