Contract Law : Odessa Law Practice Google+ odessa law practice  odessa law practice

Contract Law

In Odessa, the law *contract is a legally enforceable promise or set of promises made by one party to another.  A contract is a legally binding agreement concerning a bargain which is essentially commercial in its nature and involves the sale or hire of commodities such as goods, services or land.

Do you have a contract that needs to be drawn up? The Law Office of Gerald Fugit will take care of it.


Different states may legally bind contracts in a special manner.  So, be sure and check your state for clarification.  Gerald Fugit  is knowledgable in many cases of Contract Law and can represent you at his Odessa law practice.

Here are some types of  law contracts:

Promissory Notes:          

promissory note is a negotiable instrument, where one party makes an unconditional promise in writing to pay a determinate sum of  money to the other party.  The terms are usually defined in the note.  The date and the terms of the payments should be listed on the document.

A typical example of a “Promissory Note” is a student loan. Another example would be a sample promissory note for loans to family, friends.

A promissory note should contain:

  • an unconditional promise to pay a determinate sum of money;
  • a statement of the time of payment;
  • a statement of the place where payment is to be made;
  • the name of the person to whom or to whose order payment is to be made;
  • a statement of the date and of the place where the promissory note is issued;
  • the signature of the person that owes the money stated in the note.

*Certain student loans are eligible for forgiveness under the Public Service Loan Forgiveness Program -you can click here for the information necessary to qualify.


Agreements on Objectives

The agreement on objectives is an agreement concerning the goals to be achieved by the employee. It is a motivational technique and standard used in field service and in project work, but also in other areas. Besides trade and industry, it is also increasingly used in public administration.


Copyright Transfer Agreement

A copyright transfer agreement is a legal document containing provisions for the conveyance of full or partial copyright from the rights owner to another party. It is similar to contracts signed between authors and publishers but does not normally involve the payment of remuneration or royalites.  Such agreements are a key element of subscription-based academic publishing and have been said to facilitate the handling of copyright-based permissions in print-only publishing.In the age of electronic communication, the benefits of copyright transfer agreements have been questioned,  and while they remain the norm, open licenses as used in open access publishing have been established as an alternative.


Gentleman’s Agreement

A gentleman’s agreement is an informal agreement between two or more parties. It is typically oral, though may be written, or simply understood as part of an unspoken agreement by convention or through mutually beneficial etiquette. The essence of a gentleman’s agreement is that it relies upon the honor of the parties for its fulfillment, rather than being in any way enforceable. It is, therefore, distinct from a legal agreement or contract, which can be enforced if necessary.


Self Enforcing Agreement

A self-enforcing agreement, is an agreement, or contract, between two different parties that is enforced only by those two parties; a third party cannot enforce or interfere with the agreement. This agreement stands so long the parties believe the agreement is mutually beneficial and the agreement is not breached by either party.
Call GERALD FUGIT @ 432-301-9252
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