Attorney Iveljic on Essential Elements of a Valid Contract

DocPro.com: Mag Mile Law Attorney Mario Iveljic gives insight into essential elements of a valid contract.

Contracts form the backbone of society by establishing trust and minimizing risks between parties. A contract is the exchange of an act or promise between two or more individuals where one individual offers the other some form of value in exchange for something in return. Contracts are not always money related, as they often relate to the specific performance of certain obligations or agreements not to carry out certain acts (e.g., non-compete undertakings). A contract is a binding agreement that creates legal obligation(s) recognized by law, meaning that a party can bring a civil claim (or even criminal if fraud is involved) against another party to the contract for breach of contract. To provide a full picture of what makes a valid agreement, we will cover two important areas in contract law: (A) essential elements of a contract, and (B) privity of the contract.

Read more at: https://docpro.com/blog14/6-essential-elements-of-a-valid-contract-with-examples

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