A contract is an agreement giving rise to obligations which are enforced or recognised by law. When contracting parties’ sign such an agreement they mutually agree to perform their part of the obligations stipulated in the agreement.
Contract law governs the relationship, content and validity of such an agreement and covers a wide range of agreements, from the sale of goods/provision of services to exchanges of interests or ownership.
What Are Contract Obligations?
Contract obligations are those duties that each party is legally responsible for in a contract agreement. In a contract, each party exchanges something of value, whether it is a product, services, money, etc. On both sides of the agreement, each party has various obligations in connection with this exchange.
If either party fails to perform their contractual obligations according to the contract terms, it will usually result in a breach of contract. This may result in a damages award to reimburse the non-breaching party for their economic losses.
How we can help with contract obligations case?
Contract law essentially comes into play when the agreement terms are breached or about to be breached and the aggrieved party needs to enforce the terms of the agreement. Our commercial and litigation teams combine to assist and advise you throughout the contractual process, from drafting the contract to your specific requirements, to advising and representing you if there has been a breach of contract.
Examples of Contract Obligations
Contract obligations generally depend on the specific subject matter of the contract. Contract obligations for a sales contract may be much different than other types of contracts, such as a rental agreement contract. However, most legal agreements contain some of the same types of contract obligations, such as:
- Payment: One party is usually legally bound to provide payment for the sale of goods or services. The contract terms may state obligations regarding payment amounts and the deadline for payment.
- Quality of Goods: The seller may also be bound to provide goods of a certain quality. This may be specifically described in the contract
These types of obligations can vary according to the individual details of the contract. In addition to these specific obligations, each party in a contract is also bound by certain general principles and obligations when forming the contract.
For instance, each party is obligated to deal fairly and truthfully with the other party, and each party is also obligated to refrain from using force or oppression in obtaining the agreement.
Can Contract Obligations Be Transferred to Another Party?
In some cases, contract obligations can be transferred to a third party. For instance, if one party is obligated to paint the other party’s house, they can sometimes hire an outside party to do the painting for them. This is known as “contract delegation”. Contract delegation may or may not be allowed for all obligations; the ability to delegate a contract duty may depend on the type of obligation as well as state contract laws.
For instance, a contract obligation usually can’t be delegated if it involves unique craftsmanship or artistic ability that can only be performed by the specific party to the agreement.
Do I Need a Lawyer?
Contract obligations will be different in each individual claim. You may need to contact an experienced contracts attorney if you have any disputes or legal questions about a contract obligation. Your lawyer can provide you with legal research and guidance to address your inquiries about contract obligations. In addition, if you need to file a lawsuit for a violation of contract obligations, your attorney can provide you with assistance and representation in court.