Contract Law Attorneys in Chicago
Every day businesses in Chicago are entering into contracts, but many do so without understanding what they are agreeing to, and the possible risks and ramifications. This leaves them and their businesses exposed if there is a breach of contract.
Don’t wait until it’s too late. As contract law specialists based in Chicago we are available to help you successfully draw up contracts, as well as defending your rights in the event of a contract dispute.
Get Expert Contract Law Advice
At Michna Law Group, we routinely draft and review business contracts on behalf of our clients, including:
- Partnership contracts
- Employment contracts
- Contracts with independent contractors
- Business sale or purchase contracts
- Licensing contracts
- Business loan contracts
- Real estate contracts
- Sales contracts
- Breach of contract litigation
Understanding the Basics of Contract Law
A contract is a formal agreement that has three essential elements and describes an exchange of some kind and does not need to be a physical signed document in order to be binding.
The essential elements of a contract are:
- The offer, the first party, provides a product or service
- Acceptance, the second party agrees to receive the offer
- Considerations, usually money, this the product or service that is traded by the second party in exchange for the offer.
An offer can either be accepted, rejected, or countered.
Breach of Contract Litigation
Illinois’s breach of contract law may rule that a breach has occurred if the plaintiff is able to prove that:
- There is a contract in place, either in writing or as a verbal agreement
- The defendant has failed to live up to the terms contained in the agreement
- The plaintiff has suffered damages as a result
As a plaintiff in Illinois, you have 10 years to bring a suit if there is a written contract in place, and 5 years if the contract is verbal. The statute of limitations accrues from the time that the contract is breached. Courts recognize 4 ways that a contract can be breached:
- Actual, where the agreement was not upheld or was not honored by the defendant
- Anticipatory, if a party has announced their intention to violate the contract
- Minor, if a single clause has been violated, by the contract remains in place
- Major, where the entire contract is void, or if one party has defaulted entirely
If you have a contract that has been breached, you have the option to enforce your rights in court, through mediation, or through binding arbitration. The best approach will depend on your specific situation. If you are successful in bringing suit, you can receive compensation for the damages sustained. In some cases, you may also be awarded additional costs such as legal fees, lost revenue, and opportunity costs.
A Personalized Approach to Contract Law
We’ve outlined the basic principles of contract law, but each case is unique and can benefit from the experience of a contract law attorney. Whether you need assistance with wording a contract, drafting and arrangement, or are further down the line and need representation in the case of breach of contract litigation (either as a plaintiff or a defendant), please get in touch to discuss your case.