New Jersey Contract Law Key Terms

Avoid costly litigation when you learn New Jersey contract law key terms

By Michele Vrouvas

Businesses in New Jersey and elsewhere run best when they operate according to contracts that are clearly written to avoid any confusion down the road. Getting acquainted with New Jersey Contract Law key terms is your first step toward understanding essential legal principles that will help you avoid unwanted lawsuits.

Offer

The offer refers to the 'event' that starts contract negotiations. One party makes an offer and communicates that to another party who is free to accept or reject it. However, not every proposal communicated to another party is a valid legal offer.
Try: Find out the elements that make up a binding legal offer by reading contract basics at Lawyers.com.

Contract disputes

As the name implies, contract disputes arise when parties to an agreement discover that one or more of them has an understanding of contract terms that is at odds with the other parties.
Try: Learn how contract disputes occur and common methods for resolving them at Dunn Lambert. Find out how the terms of a contract can lend themselves to disputes over the intention of the original agreement.

Non-compete agreements

In New Jersey, as in other states, corporations usually require their senior managers and executives to sign non-compete agreements. By so doing, the executive agrees that he will not pursue employment with a company in direct competition with his immediate employer.
Try: Experienced employment attorneys like Steven Siegler, Esq. provide tips on how and when to negotiate terms of a non-compete agreement. You'll also learn how to comply with the duties imposed on you by a non-compete agreement that you've already signed.

Breach of contract

There is breach of contract when one party does not live up to their end of the bargain, either because they are unwilling or because they never fully understood the terms of the original agreement.
Try: Levy Ehrlich & Petriello provide examples of common breaches of contract in New Jersey. Find out some of the causes of breach of contract, who is responsible for causing them and common approaches to solving the problem.

Stock purchase agreement

In New Jersey, the sale of stock shares is done according to a stock purchase agreement.
Try: Go to Find Legal Forms to find out how a stock purchase agreement protects the interests of all parties involved in the transaction. You'll also learn about key elements and representations that these agreements contain.

Partnership agreement

New Jersey contract lawyers strongly urge that individuals planning to run a business or other enterprise together do so according to a well-planned partnership agreement.
Try: At Citizen Media Law Project, you'll learn how New Jersey law defines partnership agreements and some of the important steps in creating one.