Having a clear understanding of the courts and where to file specific claims has provided your department with a good basis for where to start when a claim arises. With so many outside venders and human resource issues in today's business world, contractual claims are going to be one of the common claims that arise on a regular basis in many businesses.
The next primer you will prepare for your department's training series will acclimate your colleagues to the world of contracts. Prepare a 2-3-page, double-spaced document explaining the essential elements of a contract and the applicable remedies in the event of a breach. What is required for a valid offer? How can one accept an offer? What is the concept of consideration and what form(s) can consideration take in creating a contract? What factors must be considered in assessing the legal sufficiency of an offer, acceptance, and consideration in determining whether a contract is enforceable? In the event that a contract is formed and subsequently broken, what remedies are available to the non-breaching party under your state's law?
Georgia Contracts and breach of contract remedies
A contract is an agreement between two or more parties. To be valid it must contain several elements. Not all contracts have to be in writing. Oral contracts are legally binding if all elements of a contract are present, except for specific types of transactions.
The first element that must be included is an offer. An offer is when one party offers to pay another party for performance of an act. The offer does not have to be monetary. For example, offering a house in exchange for remodeling is considered an offer. The offer is then accepted. This acceptance is the second element of a contract. Offers and acceptance can be enforceable for both parties or only one such an insurance contract where only the insurer is obligated to pay a loss or otherwise compensate the insurance buyer.
The third element of a legal contract is the act must be legal. If the offer is to break in to someone's office in return for compensation, the contract can not be upheld because the offer and act are ...
An overview of the Georgia requirements for contracts and remedies for breach of contract.