Did You Know?
In 1908, The Wright Brothers Signed Their First Plane Contract
In 1908, The Wright brothers signed their first contract for the delivery of a plane, establishing the record of a bid-to-contract time frame of five days. The contract deal was for $25,000.
Contracts form the basis for all business agreements. Any time you or your company agree to take some action or make a payment in exchange for anything of value, a legal contract has been created. By definition a contract is an agreement in legal form between two or more parties to do or not do some legal act. Contracts can be either an express contract or an implied contract. An express contract is one in which the terms are expressed verbally, either orally or in writing. An implied contract is one in which some of the terms are not expressed in words.
When a contract has been violated for any reason it is known as breach of contract. Since both parties are legally bound by the contract, the party that breaches the contract can be sued for money damages. If you have entered into a contract that has been breached, Virginia Contract Lawyers can help you recover damages.
Since a contract can have serious legal ramifications, it should not be entered into lightly. A competent Virginia Contract Lawyer has the expertise to help you avoid the pitfalls of contract law.
Some common contract terms include:
- Breach of Contract
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Halliburton Workers Testify about Contracts
AUDIO, RM, 48 Kbps, 3:24, 7/22/2004
Employees and executives of Halliburton and its subsidiary KBR discuss the company's Iraq contracts on Capitol Hill. Former employees, described by some as "whistleblowers," testify about what they say was bad performance and over-charging by the com