Georgia Contract Law Key Terms

Protect your business interests by learning Georgia contract law key terms

By Apryl Beverly

Georgia contract laws establish standards on how to enforce the terms of written and in some cases, oral agreements between companies and people. Contract law provides recourse for individuals and businesses making agreements with parties who do not uphold their end of the deal.

Because promises made in a contract can be enforced by Georgia courts, it’s important for businesses to have some knowledge about Georgia contract laws key terms. Become familiar with some basic Georgia contract laws key terms to help you gain a basic understanding of how the courts can help you in contract disputes.

Rescission

The terms of a contract are the items to which each party agreed. Rescission allows parties to get out of a contract. Typically there is a rescission period, a specific timeframe in which parties can lawfully eliminate an existing agreement.
Try: Read more about rescission at FindLegalForms.

Breach of contract

A breach of contract refers to a failed responsibility to comply with the terms of an agreement or contract. A breach can include failure to complete a job, make payments or deliver on promised goods or services.
Try: Find out more about a breach of contract at Atlanta Business Lawyer Blog.

Offer/acceptance

The offer is the first step of any contract. It is a written or oral statement of the individual's or business's agreement to comply with the terms of the contract. The acceptance is another component of a valid contract. For the acceptance of an offer to be valid, it must be extended while the offer is still on the table.
Try: Read more about the offer and acceptance of a contract at Onecle Opinions.

Legality

Legality speaks to the subject matter of the contract. Although individuals or businesses may willingly agree to the terms of a contract, a contract with illegal terms will not be uphold in a Georgia court of law.
Try: Read more about contract legality at Guide to Georgia Contract Law.

Arbitration clause

An arbitration clause is language used by parties to an agreement to willingly waive their rights to address business disputes in the courts. This clause states that all parties will agree to handle any claims, disputes or disagreements outside the courtroom.
Try: Learn more about arbitration clauses at Georgia Law Blog.

Equitable remedies

Equitable remedies are the damages that can be awarded to businesses and individuals who win breach of contract claims. These awards are typically awarded when the courts find that the defendant has been financial hurt by the other party's failure to comply with the contract terms.
Try: Read more about equitable remedies at Georgia Lawyer Directory.