The Contract Law is also known as Chapter 149 in the Cypriot Civil Code.
Contractual agreement has traditionally been analysed in terms of offer and acceptance.
One party, the offeror, makes an offer which once accepted by another party, the offeree, creates a binding contract.
A contract is based on an exchange of promises.
Contracts form the basis of virtually all business, and business/consumer arrangements, as well as many dealings between individuals.
Although a contract can be in any form such as Verbal, Written or E-communication, we strongly advise our clients to put the terms of the agreement in writing in order to decrease the potential for dispute concerning what each party agreed to do.
The terms of the contract dictate how the contract is to be performed by each party.
The nature, and therefore the consequences, of a breach of contract depend upon the term/s that have been breached.
If the breach is a condition at the very heart of the contract, then the innocent party can terminate performance of the contract and claim damages suffered as a result of the breach.
However, if the breach is of a warranty (obligations that are not critical to the performance of the contract), the innocent party can only claim damages that directly result from the breach and the contract as a whole remains in place.
Whether a term is treated as a condition or a warranty depends on the wording, context and intentions of the parties.
The general rule is that the damages awarded aim to place the innocent party in the same situation had the contract been performed according to the original terms.
Our professional services include:
- Sale/ Purchase – Rental Agreements;
- Memorandum of Understanding Agreements;
- Agency Agreements;
- Partnership Agreement;
- Non-Disclosure Agreements;
- Employment Contracts;
- Shareholder Agreements;
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