A contract is an agreement between two parties, in which one of the parties agrees to provide services or goods in exchange for the other party’s payment. A contract can be between two individuals or legal entities (such as businesses or corporations). If you feel you’re the victim of a breach of contract, it’s important to confirm that the contract you entered is considered valid.
Our attorneys at RAK Law are well-versed in contract law. We can review your contract to help you understand your legal options for pursuing damages as a victim of a breach of contract. Contact us today at (813) 750-0513 to begin the process.
What Makes a Contract Valid?
For a contract to be considered valid or binding, it must be characterized by certain components. These include:
- Offer – One party made an offer to the other party. When the contract was signed, both parties must have been at least 18 years old and not considered incapacitated due to a developmental disability or mental illness.
- Acceptance – The other party accepted the offer.
- Consideration – It’s necessary that both parties gave consideration, or provided something of value, to the agreement. Consideration can also be referred to as “enforceable promises” that were made when the contract was signed.
- Legal – Nothing illegal or impossible was included in the contract. For instance, the contract doesn’t involve the sale of stolen merchandise, nor does it stipulate that one of the parties does something impossible, such as time travel.
Additionally, valid contracts can be written or oral.
- Written contracts – This is the preferred method, as having the terms of a contract in writing brings clarity, especially when there’s a dispute in court concerning the contract’s content.
- Oral contracts – Oral contracts can be upheld in court with sufficient evidence that the other party failed to meet their contractual obligations.
Florida law requires certain types of contracts to be made in writing. Contracts that cannot be fulfilled within a year and contracts involving the sale of real estate must be made in writing.
Our Florida Lawyers Can Review Your Real Estate Contract
At RAK Law, we help many clients understand their real estate contracts. The purchase of real estate is significant and must be carefully considered.
You should have an attorney review any contracts relating to real property you’re considering signing or have already signed.
What Kind of Compensation Can I Receive for Filing a Claim of Breach of Contract?
There are generally two types of compensation that you can receive as a victim of a contract breach. These are known as “general damages” and “special damages.” In this context, “damages” means the amount of money you’ll receive.
- General damages – This is the most common type of compensation awarded to victims of real estate contract breaches. An example is a refund for services the other party failed to perform.
- Special damages – This sort of compensation is more complicated; our experienced contract law attorneys can advise on whether you are eligible to receive this sort of compensation.
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How Long Do I Have to File a Claim for a Breach of Contract in Florida?
Section 95.11 of the Florida Statue of Limitations states that you have four years from the time your contract was breached to file a claim.
Our attorneys at RAK Law are highly experienced in contract law and civil litigation. We’re ready to review your contract and fight to receive the damages you’re rightfully entitled to.
Why Choose RAK Law Firm?
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