Contract Law
Every aspect of our lives is surrounded by contracts, many of which are ignored. In actuality, the agreements we make with one another serve as the cornerstone of modern civilizations. Even our marriages are contracts in some way, as are all of the purchases we make, votes we cast, forms we complete, and locations we share.
In our daily lives, most agreements are either inferred or spoken; nevertheless, in some circumstances, such as significant financial transactions or business deals, it is preferable to have written conditions and agreements. A contract must meet all of the following requirements in order to be considered valid: there must be an offer to the contract, which must be communicated to and subsequently accepted by the other party; there must be some form of consideration; and all parties must agree on the terms of the contract before they can give their consent, which they give voluntarily. No unlawful purpose or goal should be the subject of the contract.
Additionally, all particular requirements related to the contract’s subject matter must be met. For evidence of an enforceable contract to exist, each of the aforementioned requirements must be met. Thus, writing down the terms and signing them is the most convenient way to prove the existence of a contract.
Law in Cyprus
According to common law and the Cyprus Contracts Law, Chapter 149, a contract is defined as an agreement between two or more parties, whether they be natural persons or legal entities, that regulates the sale of commodities, the provision of services, the exchange of interests, or ownership.
Contract laws are some of the most crucial regulations because Cyprus is a growing business and trade center. The main source of authority on Cyprus’s contract law is Cap. 149, which outlines every facet of it. Contractual disputes must be brought before the District Courts, and appeals must be made to the higher courts before reaching the Supreme Court.
Characteristics and Nature of a Contract
Contract laws are some of the most crucial regulations because Cyprus is a growing business and trade center. The main source of authority on Cyprus’s contract law is Cap. 149, which outlines every facet of it. Contractual disputes must be brought before the District Courts, and appeals must be made to the higher courts before reaching the Supreme Court.
The necessity of “a valuable consideration” is another important component of a contract. According to its traditional definition, a promisee cannot enforce a promise unless he has provided something in exchange for it or has agreed to do so, or unless the promisor has received something in return. Consideration must be “valuable,” which means that it must be something that can be valued economically or monetarily.
Also, with the agreement between two or more people containing an offer and acceptance and a valuable consideration there must still be the requisite “intention to create legal relations”. This is a very important feature of a contract in Cyprus because it can clarify in which cases we have domestic and social agreements where the parties did not want to create legal relations, and in which cases we have commercial and business agreements where is clear that the parties did intend to create legal relations.
The “contractual capacity” of the parties to the agreement is also a crucial component of a contract, and if they are minors or mentally incapable, they have limited contractual capacity and are typically not bound by contracts because contract law seeks to protect such people from their own incapacity.
Additionally, as a general rule in contract law, the “legality of purpose and form of contract” prohibits the courts from upholding a contract that is illegal because it was formed in violation of a statute, either explicitly or implicitly, or because it is against the interests of the public.
Last but not least, if any person entered into an agreement as a result of a materially false representation about a fact or law that served as the basis for the contract, as a result of a fundamentally false assumption, or as a result of coercion or other undue influence, the court may annul the agreement to protect the parties who were taken advantage of or misled.
Termination of Contracts
Contracts that are void or voidable are set aside. Contracts are deemed void when none of the parties may enforce them because they strictly fall outside the definition of a legitimate contract because they fail to meet one or more requirements. Therefore, invalid contracts happen when there has been an error in the contract’s details, when there is no agreement on the conditions, when there is no ability to enter into a contract, or when the goal is unlawful.
Contracts become voidable due to failure to meet the essential conditions on part of one of the parties; this means they become unenforceable depending upon the will of the other party. Voidable contracts occur when there is a misrepresentation, undue influence, fraud or any such unacceptable acts from one of the parties.
We can assist for All Your Contractual Needs
Many additional interactions, including those governed by employment regulations, sales of commodities, consumer credit agreements, and other laws, are built on contracts. With years of experience, LA Law Firm has helped a large number of customers with their contractual needs.
Our company has the in-depth expertise necessary, as well as skilled individuals who can successfully negotiate contracts to safeguard all of your rights and interests. We pay great attention to your precise requirements, and each client receives services that are individually tailored to meet their demands. This aids in preserving a large amount of your priceless time and resources..
We can provide advice and assistance with anything regarding contract law, including
- Advisory for all aspects of contract law
- Drafting of contracts (English and Greek)
- Representation in contractual negotiations
- Joint venture agreements
- Loan agreements
- Shareholder agreements
- Agency agreements
- Variation agreements
- Purchase-Sale agreements
- Contracts of employment
- Supply agreements
- Franchise agreements
- Service Legal agreements
- Confidentiality agreements
- Non-Disclosure agreements (NDA)
You might be in a position where a previous agreement was broken, which specifically refers to instances where one or more parties failed to uphold their end of the bargain when they agreed into a contractual agreement.
No of the particulars of your circumstance, our team of Cyprus contract law attorneys is prepared to take on any case.