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Contracts

Contracts are the foundation of commerce. At the heart of virtually every commercial transaction is some type of contract. It is an area of the law that broadly affects nearly everyone. The average person enters into different types of contracts almost on a daily basis, sometimes without realization until a dispute arises. When that happens, our experienced attorneys can help you defend your rights.

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Our experienced attorneys help individual and corporate clients negotiate, prepare, review, and litigate contracts and contract disputes.

Contract Formation

Under Arizona law, a binding contract may be formed whenever there is an offer, acceptance, and what is known as consideration — a benefit gained from the agreement. Both written and verbal agreements can be binding, though obviously verbal agreements are subject to additional scrutiny and limitations.

Breach of Contract

When a party to a valid contract fails to perform their responsibilities under the agreement, the other party may be able to initiate a lawsuit to compel the party to perform and/or to recover the damages that occurred because of the breach. Arizona law also makes it possible for the prevailing party to recover their attorney’s fees and costs to litigate any dispute arising from contract.

Statute of Limitations

Arizona law imposes a six-year statute of limitations on written contracts and a three-year statute of limitations for verbal contracts. The “clock” typically starts as soon as a party defaults or fails to perform their contractual obligations. Exceptions exist and certain circumstances can suspend or even rest the applicable statute of limitations.

Statute of Frauds

Certain types of contracts must be in writing to be enforceable. Examples include contracts in consideration of marriage (prenuptial agreements); contracts for the sale or transfer of real estate; contracts for the sale of goods in excess of $500.00; and contracts that cannot be performed within a year.

Below are some resources to help explain Arizona contract law, including notable recent appellate decisions, sample legal documents, and insights from our team of attorneys.

If you have any questions about the enforceability of a contract, contact us for a free consultation with an experienced attorney.

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