At Mark Galler Law, LLC, our attorneys understand how businesses operate and that each business is fluid. The creation of a contract between two businesses, individuals or between a business and an individual, is also fluid. The creation of a contract in Illinois involves an exchange of promises that the law will enforce or writing which contains the controlling terms that each party has agreed to.
An enforceable contract will generally include the following elements:
- Offer – a party offering to do something
- Acceptance – the other party accepts the terms of the first party’s offer
- Consideration – the right, interest, profit or benefit accruing to one party
- Legal Purpose – the contract must be lawful and for a legal purpose
- Capacity – the parties must be of age, mental capacity & legal existence
- Mutual Assent – both parties must have a meeting of the minds or mutual agreement
- Certainty of Terms – the promises of the parties must be clear and unambiguous
The language and terms used within the agreement must reflect a clear understanding of what each party is promising it will do. The terms and conditions of the contract must be sufficiently definite to allow for the agreement to be enforced.
If you believe you have entered into an agreement with someone and that party is not abiding by the terms of the agreement, and you have been damaged as a result, our attorneys at Mark Galler Law, LLC, will work hard to ensure you are adequately compensated. Call now for a free consultation.