Whether the contract must be in writing depends on the nature and subject matter of the contract. If you orally agree to buy your brother’s 1965 mint condition Corvette for $10,000, it is considered legal. However, as rule of thumb, it is always wiser to have the terms written in plain English to avoid future misinterpretations and errors. There are some contracts that must be written in order to be valid. These generally include sales of real property, promises to pay someone’s debt obligations, a contract that takes longer than a year to complete, real property leases running for more than one year, contracts for an amount or other consideration which exceeds the state’s threshold, a contract that will go beyond the lifetime of the person performing the contract, and the transfer of property upon the death of the party performing the contract. A breach of contract occurs when one side fails to stick to their part of the bargain.

If you encounter a breach of contract San Diego Business Law can help. There are many routes we can take and which one you choose will be up to you and your attorney.

1. Compensatory Damages – money to reimburse you for costs to compensate for your loss

2. Consequential and Incidental Damages – money for losses caused by the breach that were foreseeable (foreseeable meaning that both sides reasonably knew that, at the time of contract, there would be potential losses if there was a breach)

3. Attorney Fees and Costs – only recoverable if expressly provided for in the contract

4. Liquidated Damages – damages specified in the contract which would be payable in the event of a fraud

5. Specific Performance – a court order that requires performance exactly as specified in the contract

6. Punitive Damages – money given to punish a person whom acted in an offensive and/or egregious manner in an effort to deter the person and others from repeated occurrences of the wrongdoing

7. Rescissions – the contract is canceled and both sides are excused from further performance and any money advanced is returned

8. Reformation – the terms of the contract are changed to reflect what the parties actually intended

Contract Law Overview: what makes a contract enforceable?

Contracts: In writing or binding by oral agreement?

Breach of Contract: Defenses.

Victoria Boynton, San Diego Business Lawyer emphasizes legal expertise in San Diego for:

• Business Law
• Contract Law
• Trademark Law
• Copyright Law
• Wills and Trusts
• Arbitration
• Power of Attorney
• HYATT Legal Plan
• Signature Legal Plan

San-Diego-Business-Lawyer.com represents clients in both commercial and residential real estate transactions. We have years of experience in sales, exchanges, negotiation, drafting, finance, loan workout, restructurings, sale-leasebacks, acquisitions, and even more of the intricacies of the real estate world that most law firms don’t even begin to understand.

San-Diego-Business-Lawyer.com represents clients in both commercial and residential real estate transactions. We have years of experience in sales, exchanges, negotiation, drafting, finance, loan workout, restructurings, sale-leasebacks, acquisitions, and even more of the intricacies of the real estate world that most law firms don’t even begin to understand.

With our range of clients, San-Diego-Business-Lawyer.com advises our clients on everything that could possibly arise in the course of their business. We offer a unique approach to a business man’s situations – that of a business man. While it may seem so obvious to you, as a business owner, we have found that many lawyers forget to take into account the business view of the situation and only look at the logistics. We have found that if you can not understand where your client is coming from than you can not help them.

It is for this reason that we have the understanding and ability to advise our clients in every aspect of business planning. We deal with choice of entity and formation of new corporations, limited liability companies and partnerships, board of directors and shareholder agreements, joint venture agreements, supply agreements, franchise arrangements, licensing and distributorship agreements, leasing transactions, general contract law matters, and many more legal matters that may arise.

We provide free consultation for business law, contract law, trademark law issues and for wills and trusts in San Diego California. Contact a San Diego Business Lawyer today.