Best Contract Lawyers in Memphis

About Contract Law in Memphis, United States

Contract law in Memphis, like the rest of the United States, governs the creation and enforcement of agreements between parties. Each party promises to perform certain tasks or obligations, which forms the basis of the contract. Contract law is based on federal and state laws, but specific local regulations may also come into play. It covers various areas, such as sales contracts, employment contracts, real estate contracts, and more.

Why You May Need a Lawyer

Lawyers play a crucial role in drafting, reviewing, and ensuring the enforcement of contracts. They help interpret the complexities of legal jargon, thus preventing potentially unfavorable contractual terms. Common scenarios where a lawyer's expertise is required include negotiating business contracts, disputing a contract, lease agreements, non-disclosure agreements, and contracts involving large sums of money or significant property.

Local Laws Overview

Memphis contract law is subject to Tennessee's laws. Key aspects include:

• The requirement for certain contracts (such as land contracts or contracts that cannot be performed within one year) to be in writing.
• Contracts can be either express or implied, where express contracts are explicitly stated and understood while implied contracts are inferred from the context or behavior of parties.
• Both parties to a contract must provide consideration, a value exchanged that forms the basis for the agreement.
• Contracts made with minors or mentally incapacitated individuals are generally not enforceable.

Frequently Asked Questions

What is a Breach of Contract?

A breach of contract happens when one party fails to fulfill their obligations as outlined in the contract, without a valid legal reason.

What remedies are available for breach of contract?

Remedies for breach of contract could include damages (financial compensation), specific performance (the party is ordered to fulfill their original obligations), or rescission (canceling the contract).

Can a contract be changed after it's signed?

In general, a contract can only be altered if all parties agree to the amendments.

What is an 'unconscionable' contract?

An unconscionable contract is one that is extremely one-sided or oppressive to one party, and courts may refuse to enforce such contracts.

How long can one enforce a breached contract?

In Tennessee, the statute of limitations for enforcing a breach of written contract is six years from the date of breach, and orally agreed contracts have a limit of three years.

Additional Resources

Local resources that can assist include the Memphis Bar Association's Lawyer Referral Service, which can connect you with lawyers specializing in contract law. You may also consider visiting Tennessee's state government website for legal resources and the American Bar Association's guide to contract law.

Next Steps

If you require legal help with a contract, consider contacting a local lawyer specializing in contract law. Prepare all related documents before your consultation to help the attorney better understand your situation. Proper understanding and interpretation of contract laws can enhance your legal protection and positioning in a contract dispute or negotiation.