Contract Law Services

What Are the Requirements for a Standard Contract?

A legal contract must meet specific requirements to be enforced – whether it is a verbal or written contract.
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To be an enforceable contract by law, a contract must meet specific criteria. Here is a closer look at how a legal contract is defined: 
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• There must be mutual agreement by all parties.

• The contract must cover all material and have terms clearly defined.

• There must be sufficient examination of all obligations under the contract.

• The contract must not violate public and local law.

• All parties must be of sound and competent mind and of legal age to enter a contract. 

 
What happens when a party is in breach of a legal contract?
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When the terms of a legal contract are violated, individuals have three legal courses of action – damages, rescission and specific performance. When a breach of contract results in financial loss, the plaintiff may file a lawsuit to recover monetary damages that can include financial compensation, incidental damages, attorney fees and court costs and liquidated damages. In select cases, the injured party can rescind – or cancel – the contract due to poor conduct or fraud. Specific performance is a scenario that allows the injured party to seek help from the court to enforce the performance metrics established in the contract. 
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How Can Yeong & Associates Help with Your Contract?
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A well-written business contract sets specific goals and criteria for your business partnership, can help avoid error and can help resolve contractual disputes. The Yeong & Associates Team is accomplished in contract law and can help you write and create a clear and concise contract that will protect you, your business interests and your business partners. When future business direction dictates contract changes, Yeong & Associates can help update, revise, or review the contract.
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Contact Yeong & Associates today to enlist our services as a contract law lawyer in the Klang Valley area!
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