Kalamazoo Contract Attorneys
The most basic principle in contract law is simple, “promises ought to be kept.” A contract lawyer is often asked to “keep it short and sweet.” Concise contact drafting is essential; however, contract lawyers cover all legal aspects of the transaction to avoid future conflicts, thus to avoid litigious disputes. A contract lawyer is a negotiator, thereby communicating with the parties to achieve a mutual understanding.
Expectation damages put the parties in the same position they would have been in had the contact been performed. Under the Restatement (Second) of Contracts § 347, expectation damages are measured by: (a) the loss in value to the injured party of the other’s performance caused by its failure or deficiency, plus; (b) any other loss, including incidental or consequential loss, caused by the breach, less; (c) any cost or other loss that he has avoided by not having to perform. Ultimately, whether drafting, negotiating, or disputing a contract, selecting a skilled contract lawyer, early, benefits the parties to any agreement.
Contract Definition. Generally, legal definitions describe a contract as a promise between two or more persons, or legal entities, to do something or not do something. In other words, a contract is a promise, and “promises ought to be kept.”
Contract Formation. Michigan law, under Detroit Trust Co v. Struggles, 289 Mich 595, 286 NW 844 (1939); Hess v. Cannon Township, 265 Mich App 582, 592, 696 NW2d 742 (2005); Thomas v. Leja, 187 Mich App 418, 468 NW2d 58 (1991), lays out the elements of how a contract is formed, or how a contract comes into existence: