Contracts are a necessity with business dealings, but a poorly written one can get your business in hot water quickly. If the contract is missing vital information, or if it is unclear or filled with ambiguous language, you may not even fully understand what you are agreeing to. Some lawyers will insist on including tons of hidden language, loopholes, and other clauses that are not in your best interests.
Back in the day it was not uncommon for important business dealings to be sealed with a handshake. This usually followed a verbal agreement between two parties that was intended as an oral contract. Although the parties to these verbal agreements may have intended well, what happened when one side failed to meet its obligation?
At some point all business owners have to deal with the process of creating a contract. However, just because you write out a contract doesn't necessarily mean it is legal. There are certain elements that need to be properly expressed in a contract to give it validity.
What happens when a third party interferes with a contract maintained by other parties? In some cases, the third party may be liable for a business tort called tortious interference with contract. This cause of action exists to protect the sanctity of contractual relations.
Contract negotiations are a common occurrence in the business world. In fact, no contract is created without some sort of back and forth between the parties. A proper negation process usually begins with negotiating about the business terms followed by the legal aspects.
Contracts are all around us. They are the legal documents that govern all sorts of interactions. These documents can be used for cell phone service, a home mortgage and even high-stakes business deals. There's no doubt about it, you've likely been the party to a contract at some point of your life. But what happens when a contract goes sideways?
Everyone involved in a business agreement expects that it will be enforceable. However, things happen during the course of business that can complicate adhering to the terms. When things go south, you may wonder what your options are. As a non-breaching party, you want to ensure that your rights are protected.
Every business relies on contracts to function. In this sense, contracts are at the heart of what a business does. However, not every contract turns out to be enforceable in the end. There are a number of reasons that a contract can fail; One such theory concerns the legal principle of unconscionability. If you are unfamiliar with this concept, you need to understand the basics to avoid problems in the future.
Contracts govern a lot of different relationships between business entities. In fact, the whole purpose of creating a contract is to set out the rules of the agreement. However, many enter contracts without truly understanding all the legal consequences. One area that often remains misunderstood concerns the governing law. Yet, choice of law provisions can have a profound effect on the way your contract plays out. See what you need to know about these provisions before signing on the dotted line.
Contracts are essential in customer and business relationship development. Contract preparation is a keystone of a successful business. Every business typically has the need for specific contract types. Some businesses regularly use many contracts in their operations.