With extensive corporate law experience, attorney James R. Olsen of Orem, Utah, works in the states of Utah and Arizona. James R. “Jim” Olsen’s areas of interest include the negotiation of contracts as well as their formation and administration.
Two foundational questions posed in contract law are:
1. Is the contract valid and enforceable?
2. What remedies are available if the contract is broken by one party?
While the validity of a contract would seem to be a prerequisite to its being signed, the fact is that many contracts are not set down in writing and, even if they are, they have not been agreed upon in the presence of and with the assistance of an attorney.
These issues can make the “manifestation of mutual assent” represented by a contract invalid and unenforceable. One party may later claim to have understood an offer as being different from what was agreed upon. Alternatively, the contracted party may have assented to an offer that was understood to be in jest and thus not legally binding.
Another important concept is “consideration,” or the determination of whether the promisee delivered an agreed-upon service or product to the promisor as stipulated in the contract. Because of the many layers of complexity, including whether the promisor reasonably could have been expected to fulfill the promise, working with an experienced attorney is important.
