You wouldn’t jam your feet into too-small shoes because your brother-in-law let you have them cheap. Similarly, you shouldn’t jam your business into a contract you got cheap online or from a friend, vendor, or client. You also shouldn’t jam your business into an old contract that hasn’t kept up with changes in the law. A proper business contract will identify the risks particular to your business and business model, and protect you. If you sell products, you don’t want a ser
As we discussed last week, certain contracts must be in writing and it’s a good idea for all business contracts to be in writing. But what constitutes a “written contract” under the Statute of Frauds?
A valid contract can be formed on an index card or napkin or even in a string of letters or emails. Courts will look at whether the communication is from a person authorized to enter into the contract, whether there is an offer and acceptance, and whether a third party could d
Business owners often do business so fast, they don’t think about a written contract. That is often a mistake. I believe every business agreement should be in writing. The question is often how formal the writing needs to be. Sometimes it can be an email confirming a conversation and including the key terms of the agreement (especially the price). Other times, there should be a detailed agreement reviewed and approved by your lawyer. What do you do when the matter falls in th