Frequently Asked Questions About Contract Law for Those in Chicago
The Vital Role of Contract Law in Business Agreements3 min read
When it comes to business law, contract law is one of the key elements involved in setting agreements among companies, and in some cases between employees and employers. Unfortunately, with so many contracts, regulations and laws surrounding contracts in the U.S., it can be difficult to stay up-to-date — especially for those in the Chicago area.
This guide will provide pertinent information for those looking for legal counsel in the realm of contract law in northeast Illinois. It will discuss common questions that individuals may have, such as what is involved in contracts, what laws they must follow, and also the various services available when it comes to finding and working with qualified legal professionals in the area.
What is a Contract and What is Involved?
A contract, in essence, is an agreement, binding two or more parties, that enforces an exchange of goods, services, or money over a predetermined time. Contracts are established by signing mutually agreed terms and conditions which are referred to as "offer and acceptance".
It's important to note that once terms and conditions are agreed to and the contract is signed, the obligations and rights of each party involved are legally binding. For an agreement to be valid, it must involve consideration — something valuable being given in exchange between the parties. This can be money, property, labor, or services.
Contract Laws in Chicago
Contract laws in the U.S. are mainly composed of state laws, though the federal government does set certain rules and regulations which it enforces. Within Illinois, individuals working with contracts in the Chicago area should be familiar with the parts of the Illinois Commercial Code that are applicable to their scenarios.
When working on a contract in Chicago, Illinois, it's important to understand some of the specific laws like the Statute of Frauds. This law states that certain contracts must be in writing to be considered legally binding. These include:
Contracts involving real estate
Contracts lasting more than one year
Contracts involving the sale of goods valued at more than $500
Contracts for services such as marriage counseling
Additionally, contracts in Chicago must follow certain guidelines with regard to ambiguity and unenforceable terms. Contracts must be clear and all parties must have agreed to the same understanding of the conditions before they can be legal enforced.
The Illinois Supreme court has set specific laws that must be met when considering "mutual mistake" in a contract, meaning where both parties agreed on the same terms but were incorrect in their understanding.
Services for Legal Professionals in Contract Law
For those in need of legal services in contract law, there are multiple options available. One such option is UpCounsel, an online network that connects businesses and individuals with highly experienced legal professionals.
UpCounsel offers businesses the ability to access high-quality legal services without hiring in-house legal teams or large law firm retainers. Clients have coverage on demand and attorneys in the network have an average of 14 years of experience. Each of the attorneys has a profile reflecting any client ratings and reviews of their past work which offers clients further peace of mind.
For those looking for the expertise of business attorneys in the Chicago area, UpCounsel is a viable option. Through working with the experienced lawyers in the network, business owners and individuals can achieve the legal protection and certainty they need with their contracts without having to find a one-time consultant or full-time legal team.