In the second of a six-part-series, senior partner Greg Miller
continues to explain contract law, with definitions of obligations
and conditions.
Full transcript:
I'm often asked by clients, "what are my
obligations under this contract?" This is often a prelude to a
discussion of a situation where a client has not been paid and
wants to know, "Do I have to continue? How can I recover what
I'm owed?" The answer depends on the exact circumstances,
but the analysis is always the same.
A contract is an agreement among two or more persons
that's enforceable at law. At it's simplest, it confirms
each parties' promise to perform in some manner. For example, a
consultant promises to provide certain professional services, and a
client promises to pay for those services. Looked at another way,
each party is entitled to receive the benefit of the performance
promised by the other. And each party is obligated to perform
exactly as promised. Once the mutual promises have
