All Business Revolves Around Contracts

 In every business deal, even personal ones like buying a home, a car, or groceries, there are one or more agreements.  Sometimes it is necessary to seek to enforce a agreement or to defend against the enforcement of an agreement.

Often in such circumstances, people and companies consult lawyers.  Lawyers are sometimes consulted because people need to know if their agreement can be enforced.  Few things in law are clear-cut and black and white – with no gray.  If an agreement is determined to be legally binding, it is often called a contract.

When lawyers analyze agreements they want to determine if all of the material terms and conditions of the agreement are spelled out in sufficient detail, without ambiguity, and, where required, in writing and properly signed and witnessed.

The necessary material elements of a contract include the offer, the acceptance and legal consideration.  In addition, subject matter identification, the price, the payment terms and the delivery terms should be stated in detail.  Many other elements are often added, such as warranties, covenants, representations, conditions, provisions for default and remedies.

Be mindful that not all agreements are legally enforceable.  It is often wiser to consult legal counsel before the agreement if made, if you are interested in enforceability of the agreement!  Be prudent in your business dealings!

Author: Barry L. Johnson 

Disclaimer:  Nothing related in this blog constitutes legal advice,  nor may it be relied upon as such.  Anyone seeking legal advice should consult a lawyer and provide appropriate factual background and documents to the lawyer in advance of receiving legal opinions.