The ability of people, partnerships, corporations and other types of entities to enter into binding and legally enforceable contracts is one of the fundamental building blocks of society. The basic requirements for forming a contract are an offer, acceptance and consideration. When parties to a contract establish a mutual agreement, they create enforceable duties or obligations that are legally binding.

A common reason to sue over a contract is when one party commits a breach of contract (stops doing, or fails to do, what the contract stipulates should be done). There are many defenses that can excuse a breach of contract including fraud, duress, mistake, the statute of frauds and lack of consideration.

It is extremely important for a professional contract attorney to independently review a contract and comprehend its terms, conditions, and provisions. Be cautious and do not make a mistake by signing a contractual agreement prior to an attorney’s approval of the document. You should be especially concerned of signing any agreement that has not been prepared by an attorney. At Mills & Alcorn we will competently prepare and interpret your contracts and carefully explain all your options.