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Contracts are the Lifeblood of Business
A contract is a legally binding agreement between two or more parties that outlines the terms and conditions of a transaction or business relationship. It can be written or verbal, but written contracts are generally considered to be more enforceable as they provide a clear record of the parties’ agreement.
Contracts typically include the following elements:
- Offer: One party makes an offer to do something or provide something of value. For example, you might offer $20 to someone to wash your car.
- Acceptance: The other party accepts the offer and agrees to the terms of the agreement. In our example, the person agrees to your offer and price.
- Consideration: Both parties exchange something of value, such as money, goods, or services. Continuing with our example, you provide $20 and receive your car in a washed condition.
- Legal capacity: Both parties must have the legal capacity to enter into the agreement, meaning they must be of legal age and mentally competent. Continuing with our example, both parties are over 18.
- Mutual agreement: Both parties must agree to the same terms and conditions of the contract. Lastly, there is a meeting of the minds about what is to be performed within the contract.
- Legality: The contract must be for a legal purpose and not violate any laws or public policy.
Once a contract is formed, each party is obligated to fulfill their obligations under the terms of the agreement. If one party fails to meet their obligations, the other party may have legal remedies available to them, such as damages or specific performance. It’s important to note that contracts can be complex and vary depending on the type of transaction or business relationship involved. It’s recommended to consult with a business law lawyer at ESQx to ensure that your contract is legally enforceable and protects your interests.
Issue Spotting 101
Do You Need a Lawyer to Write a Contract?
Technically speaking, you do not need a lawyer to write a contract but it is strongly recommended to use one if you’re unsure as to the terms you’re agreeing to follow and if there is language in the contract presented by the other party that you do not completely understand. There is also a litany of different contract types, many of which you’ve probably never encountered before.
We understand that, in today’s world, there are many contracts circulating around the Internet and we think it’s great that people have access to information in ways never before imaginable. However, just because you find a contract on the Internet, that doesn’t mean it’s legally enforceable in your state; using boilerplate language can be a great start, but there may be advantageous terms available to you that you’re leaving out because you aren’t a lawyer. Furthermore, you must ask yourself if you are prepared to defend yourself should the agreement memorialized in the contract break down between the parties. Typically, lawyers write their own contracts in such a way that they can defend them later in litigation. In many situations, we are called by clients many years later who used a contract “that worked just fine” that is—until it didn’t.
Here are a few examples of contracts we write, review, and litigate for businesses:
- Write restrictive covenants and IP assignments
- Draft franchise agreements and operating manuals
- Write independent contractor agreements
- Write employee equity incentive plans
- Write employment agreements
- Draft non-compete agreements, confidentiality, & NDAs
- Review real estate contracts & leases
- Litigate business contracts
- Write affiliate agreements
- Write commercial loan agreements
- Write master services agreements and SOWs
- Write SaaS agreements
- Review and draft vendor agreements
What We Do
A Few Examples of Our Work
We’ve worked with small businesses in many sectors at ESQx. While each representation is different, pride ourselves on helping them achieve positive outcomes regardless of industry type. Here are a few examples:
Choose Your Path
We Protect You
Many small businesses require contracts to secure the dozens of legal relationships it takes to run a business. In fact, we have heard from a reliable source that hip hop legend Notorious B.I.G. died before his seminal work was completed, entitled, “Mo Contracts, Mo Problems.”
Whenever you sign a contract, you’re at the mercy of an alphabet soup of state and federal statutes dictating how you’re permitted to enforce them. Our job is to help you navigate that world and make sure that your contracts are ironclad. An experienced attorney is of paramount importance to any business.
Ready to Get Started?
There’s so much more we want to tell you about helping your small business if you’ll give us the chance! If you’re ready to receive experienced business law advice, don’t hesitate to reach out today. We can’t wait to meet you. Did we mention every consultation is free?