Contracts – solicitors are vital

Contract law is at the heart of commercial arrangements. With that in mind, it is remarkable how much business is done where the lack of understanding of, or engagement with, the principles of contract law leaves one or more parties exposed. For example, when business people attempt to make a binding business agreement verbally in a restaurant. Large agreements when they subsequently go wrong, such as McInnes v. Gross in 2017 which led to a €13.5 million claim. The facts of the case are quite long-winded. In brief, an oral contract was claimed to have been made over dinner by Mr McInnes, who sought to recover €13.5 million under the terms of the purported contract. The legal aspect amounted to a consideration of what key elements a binding contract requires: an offer must be made, that offer has to be accepted,