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Particulars of contracts and how they work

Most Michigan residents have been involved in a contract-type situation at some point in their lives. Whether it was a contractual relationship where they were receiving services or providing services, contracts are a part of everyday life. In order to be in a contract and for that contract to be valid, contract law dictates that certain criteria must be followed. For instance, minors cannot enter into a contract, which is why some people need a co-signer for student loans because of their age. Moreover, if a minor does sign a contract, that contract becomes voidable, meaning that one party can cancel the contract because of the status of the other party. Coercion, mistake and lack of capacity are also things that make a contract voidable.

Either party to the contract can terminate voidable contracts, however, if neither party chooses to do so, the contract remains in force. Void contracts are not legally enforceable from their inception. For a contract to exist, there has to be an offer, acceptance and consideration. Once a contract comes into being, both parties to the contract have responsibilities that they are obligated to fulfill. If all goes well and each party upholds their end of the bargain, then the contract has been successful.

However, there are instances where one party may not hold up its end of the bargain, which results in a breach of the contract. When a breach of contract occurs, the remedies available depend on whether or not the breach directly and adversely impacted any contractual obligations that were required. A breach can be either immaterial or material.

Source: FindLaw, ""Breach of Contract" and Lawsuits," Accessed December 14, 2014

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