Frequently Asked Questions About Contracts

What is a contract?

An agreement, enforceable by law, between or among two or more persons, consisting of one or more mutual promises.

What is bad faith?

A failure to fulfill some duty or contractual obligation by some motive that implies the conscious doing of a wrong because of dishonest purpose.

What is a warranty?

A warranty is a guarantee of the quality and performance of a product. A warranty can be written or oral.

What is rescission?

Rescission is an elimination of the existing contract, restoring the parties to their original position prior to entering into the contract.

Does a contract have to be notarized?

Unless specifically required by federal, state or municipal law, a contract does not have to be acknowledged before a notary public.

What is indemnity?

Obligation of one party to reimburse another party for losses which have occurred or which may occur.

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	Did You Know?
	Depending On The State, There Is A Time Limit To Filing A Breach Of Contract If a party wants to resolve a breach, and they do not file a suit within the time limit, then the party no longer can file a lawsuit. This is called a statute of limitations, in which a lawsuit must be filed after a breach of contract. The amount of time for filing a breach of contract lawsuit varies by state.