What are some of the sources risks associated with contracts?

1) Incomplete or inaccurate specifications

* Can lead to disputes over what the contract requires.

* Can result in the delivery of defective or unsatisfactory products or services.

* Can cause delays and cost overruns.

2) Lack of clarity

* Can make it difficult for the parties to understand their respective rights and obligations.

* Can lead to disputes over the meaning and interpretation of the contract.

3) Ambiguous language

* Can be used intentionally to create confusion or ambiguity.

* Can make it difficult for the parties to understand their respective rights and obligations.

* Can lead to disputes over the meaning and interpretation of the contract.

4) Unfair or unbalanced terms

* Can give one party an unfair advantage over the other.

* Can be difficult for the weaker party to negotiate.

* Can lead to disputes over the validity and enforceability of the contract.

5) Lack of consideration

* Consideration is something of value that is exchanged for a promise.

* Without consideration, a contract is not legally binding.

6) Incapacity

* Certain parties, such as minors and mentally incompetent persons, are not legally capable of entering into a contract.

* Contracts with incapacitated parties are voidable.

7) Illegality

* Contracts that violate the law are illegal and unenforceable.

* This includes contracts that involve illegal activities, such as gambling, drug dealing, and prostitution.

8) Fraud

* Fraud occurs when one party makes a misrepresentation of a material fact to induce the other party to enter into a contract.

* Contracts induced by fraud are voidable.

9) Duress

* Duress occurs when one party uses force or threats to coerce the other party into entering into a contract.

* Contracts entered into under duress are voidable.