What is a Contract?

According to common law, a contract is an agreement between two parties
that creates one or more lawful obligations to perform a particular duty.
Every contract must fulfill certain requirements to be valid:

Key Elements of a Contract

1. An Offer: The offer defines the agreement as a contract.
It must be properly communicated between both parties, with clear terms
and conditions. The offering party proposes, while the recipient has the
right to accept or reject it. Essential elements include:

• The parties involved
• The length of time for performance
• The price
• The subject matter or scope of services

2. An Acceptance: Acceptance follows an offer and must be
valid, unequivocal, and unqualified. This is also known as the
“mirror image” rule, as acceptance must directly reflect the offer.

3. Consideration: The final stage of a contract where both
parties exchange something of value. Consideration must be mutual—each
party gives and receives something valuable.

How MAP Law & Associates Handle Contractual Matters

Contractual disputes can take many forms, and each requires a tailored
legal approach. Our firm specializes in resolving the following types of
contractual matters:

• Breach of Contract: Cases involving non-performance,
  fraud, mistake, or cheating. We also draft contracts with arbitration
  clauses to encourage out-of-court resolutions.
• Non-Performance: Assisting victims when one party
  fails to perform their contractual obligations.
• Specific Performance: Legal support to ensure the
  obligated party fulfills their contractual commitments.
• Fraud, Mistake, and Cheating: Filing suits to recover
  losses caused by fraud, mistake, or dishonest conduct.
• Recovery of Debts: Helping clients recover outstanding
  amounts quickly and efficiently.