One of the primary concerns in agreements between private parties can be running afoul of usury laws. Usury laws set limitations on the amount of interest which can be charged, and these rates vary by state. States have these rules so that certain institutions or persons cannot take extreme advantage of another person in a less equal financial position.

Basically, contracts can be broken in at least three ways:

Most contracts are based on common law elements. The elements of most basic contracts are:

  1. Offer
  2. Acceptance
  3. Consideration.

In order to determine whether a contract exists, understanding of these elements are needed.


We will be discussing contracts in a very general sense. Please keep in mind that with the specific facts of your contract, much of the information provided will help you understand the legal consequences of the contract issue. Since there are specific issues that may change the outcome of your case, you should consult with an attorney to make sure that you are on a solid legal ground.


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