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A Brief Summary of Contract Law

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  A contract plays a significant role among different parties. Millions of contracts come under agreement daily yet many businesses forget to fully understand the terms before signing them.    This post will talk about some common terms and issues of contract law.   How does a Contract Form?   A contract is formed when two parties sign a formal letter that involves the offer, and mutual assent for the fulfillment of a particular thing. Mutual assent is the consent of both parties that they agree to the terms written within the agreement. Mutual assent doesn’t come into place if both parties can’t agree on the things.   Does Oral promise get covered in any contract?   The short answer is no. Thus, it is important that if you ever come to an oral promise, proceed ahead with the written contract. It is very possible that oral promises will not be counted as authentic or valid statements. However, this doesn’t mean that the oral promises are not helpful at all. Such thi
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What Happens When Fraud In Contract Is Made?

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  An agreement or a contract becomes void and becomes non enforceable when there is some kind of fraud involved in it. When there is mistake, or fraud by one party it is considered as void contract.   Then the party affected by the fraud can sue the fraud party in the court with fraud in the factum. As a defence of breach of an agreement claim can be made when fraud in the inducement. However, it remains important to prove that a valid contract was made between parties. Whereas, a contract made fraudulently is not deemed as a valid agreement.   A scam done in factum can be used as defence to break a contract. Whereas a contract made with the fraud in the factum without consent of victim is considered as void and legally ineffective. One of the best examples of a fraud in contract can be if a person is not mentally stable or incapable of understanding anything but somehow made to sign a contract.   When a lawsuit is filled in court, the injured party is most commonly awarded
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How An Agreement Is Formed Between 2 Parties?

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  For an agreement to be legal and valid, there are certain criteria that must be achieved. Moreover, there are many different types of contracts and agreements. For example, an agreement made on the basis of promise in exchange of performance is unilateral. Other one can be called as bilateral which is promise made in exchange of another promise. A contract can be oral and a written too.   However, the oral contract or an agreement can not be enforced legally . Some agreements need to be written when exceeding value of 500 dollars usually.   In order to call an agreement or a contract to be valid and authentic there are elements that needs ro be followed. Check out those elements mentioned bellow.   There should be an offer from somebody and which needs to be accepted by other one.   Regarding subject, matter of offer and its terms, there should be a mutual acceptance by the both party on same ground.   There must be mutual agreement by both parties to come under a
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Isaac Pollak LGP Ltd. - Requested To Attend Court

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Isaac Pollak is president of LGP Ltd. at 10 west 46st is requested to attend court as he took 291000.00 interest on 250000.00. A statement of position has been published by Bais Ha Vaad Rabbinical Court. Here is as it says: We, members of the Bais Ha Vaad Rabbinical Court (“Beis Din”), were approached by Menachem Mendel a/k/a Mendy Pollak (hereinafter “Claimant”), who claimed that Yitzchak Meir a/k/a Isaac Pollak (hereinafter “Respondent”) owes him money on an account that he had transferred a perfume enterprise to him in lieu of loan, on the condition that he would receive twenty percent (20%) of the profits, and according to the clamant there were large profits but none of it was ever received.   The claimant further claimed that he had transferred an enterprise in lieu of debt on the condition that he would receive ten percent (10%) of profits. According to Claimant, there were large profits, but he never received any part of them.   The claimant further claimed that the Res
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