Ideally, when a contract is crafted, it will be honored by the parties who sign on. However, at some point you find yourself in a situation where someone does not feel obliged to hold up their end of the bargain. In such a case, you may have to enter business litigation with the other party to see to the enforcement of the agreement.
Ultimately, the dispute may end up being resolved in a court of law. So what conditions or circumstances might preclude your contract from being considered legally enforceable?
First, the court will have to make a determination regarding the existence of the contract. In order to actually be a contract, an agreement must meet certain prerequisites. An offer must be made by one party, which is in turn accepted by another party.
The agreement made between the two parties must provide that the parties are promising to give something of value to one another. Further, in order for a contract to be considered as existing, its terms must be expressed with a sufficient degree of specificity and clarity so as to be enforceable.
Should the contract be deemed to actually exist, the court must then determine whether or not to see to its enforcement. There are several possible reasons or “defenses” that may cause a court to decline the enforcement of a contract. For example, the defense of capacity to contract pertains to a party’s legal ability to enter the contract. This can hinge on whether or not a party possesses the mental acuity to understand the agreement into which they have entered.
Other defenses can include if a contract was entered under duress or coercion, or if a contract has terms that are far too favorable to one side. A contract can also be voided mutually if both parties realize they had misassumptions upon entering the agreement and thus simply want to make a cancellation of all obligations.
If you should find yourself in a contract dispute, you may need to seek help in protecting your interests. A Florida business litigation attorney may be able to see to the satisfactory adherence of your agreement.
