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Litigation involving contract disputes may ruin a business

Many courtroom battles involve the validity of business contracts. Accordingly, it makes good sense for Texas business owners to have a general understanding about the essential elements of a contract. Doing so may help avoid the time and expense of litigation. In its simplest terms, a contract involves an offer and an acceptance; that is, a contract is established once a proposal is formally accepted. This requires a meeting of the minds of the parties involved, including a mutual understanding that a legal relationship is intended.

All parties entering an agreement must be able to contract, meaning each party must possess the capacity to enter into contractual relations. Another important element to validate a contract is the absence of coercion, force or unfairness -- any of which could void a contract. Similarly, a contract is typically considered void if its object is unlawful, immoral or illegal. Consideration -- something of value given in return for services, goods or another promise -- is an essential element of every contract.

If an agreement or its terms and conditions are uncertain or impossible to carry out, the contract may be considered void. Certainty is required and performance must be possible. Following the proper legal formalities is crucial to ensure a contract is valid. Certain agreements concerning sales, leases, mortgages, gifts of immovable property must be in writing, and registration may be required in some circumstances.

When a business owner in Texas becomes involved in a contract dispute, the potential impact can be severe. In order to protect a company that was built on hours of hard work and many sacrifices, the most appropriate step may be to retain the services of an experienced business litigation attorney. A skilled lawyer can prepare for advocacy at trial and focus on achieving the best possible results before a judge or jury.

Source: accountlearning.com, "Essential elements of a valid contract", Accessed on March 10, 2017

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