HudsonLawGroup > Business > Contracts

A contract is an agreement that creates obligations for both parties and is legally enforceable. The main elements of the contract: preliminary consideration and discussion by the parties, mutual consent, and legality.

Individuals and legal entities can conclude contracts. These can be labor contracts, contracts between enterprises, contracts relating to real estate, and many others.

A breach of contract is when one or both parties fail to fulfill their responsibilities. In these cases, the case is considered in court.

If one party to the contract does not fulfill its part, this is called a breach of contract. The other party has the right to take legal action to recover its damage. For example, they have lost time waiting for deliveries when the supplier has not fulfilled its obligations.