A contract is a formal agreement between two or more persons. These persons may be organizations or companies. The contract can be written (for example a credit agreement or building contract). The contract may be verbal (for example an agreement by one person to loan money to another).
The terms of a contract can be expressed within the contract itself (be it an oral contract or written). The terms can also be implied by law. Some statues imply terms into certain types of contracts (for example the Consumer Credit Act 1974 and Sale of Goods Act 1979).
A contract dispute usually arises when at least one party breaches the terms of the contract. The most usual type of breach is a failure to pay the price in terms of the contract (this usually leads to a payment action). Other usual breaches include when a product or service provided under the contract is substandard. This may lead to a professional negligence claim.
If someone you have entered into a contract with is claiming you have breached its terms or the other party has breached the terms of the contract and you want to know what your legal options are you should consult a contract lawyer. There is a time limit on raising claims for breach of contract and in most cases, this is five years, but may in some cases be shorter. You should consult a contract lawyer if you wish to make a claim as soon as possible.
We can advise on:
- Consumer credit agreements
- Building contracts
- Payment actions
- Commercial litigation
- Partnership disputes
- Company law disputes
- Director’s disqualification