Virginia Contract Law Key Terms

Rely on Virginia contract law key terms to determine the legality of business agreements
By Apryl Beverly Virginia contract laws establish guidelines on how to enforce the terms of written agreements between companies and people. Because the legality of the terms and conditions of a contract can determine whether it is enforceable in a court of law, it’s important for businesses to have some knowledge about Virginia contract laws key terms.

Under Virginia law, an individual cannot agree to a contract that is unenforceable. Therefore, if the terms and conditions cannot be carried out, then there cannot be an agreement. The following Virginia contract law key terms can help you gain a basic understanding of how to draft and terminate legal contracts and what should be included in contracts to protect your business assets.

Restrictive covenants

Restrictive covenants is a term used to reference a non-compete promise or contract in Virginia. While the terms are similar, a contract can be oral or written, while a restrictive convenant is defined more narrowly and typically refers to an agreement that has been written and signed by all parties.
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Assignment of contract

Under Virginia contract law, an assignment of contract allows the assignor to transfer rights and responsibilities as presented in the original agreement or contract to another party or parties. When rights and responsibilities are re-assigned, the assignor is required to notify not only the new assignee, but also all other parties to the contract. I Recommend:
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Breach of contract

Virginia contract law provides recourse for individuals and businesses making agreements with parties who do not uphold their end of the deal. A breach can include failure to complete a job, make payments or deliver on promised goods or services.
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Equitable remedies

Equitable remedies are one form of relief that can be extended by Virginia courts to parties who are injured by other parties to a contract. Equitable remedies can be awarded when the contract is considered void or ambiguous.
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Side agreement

A side agreement is defined as one that is made outside of public contracts. Side agreements are private deals that affect the terms and conditions of the contract.
Try:  Read more about how side agreements are handled at Virginia Law.

Statute of limitations

Virginia law established a limited amount of time during which lawsuits can be filed claiming injury. Virginia law states that claims alleging breach of contract for written contracts must by filed within five years of the alleged breach. Claims for oral contracts would have to be filed within three years. A breach of contract is a party's failure to comply with the terms of an agreement or contract.
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