Are You Tired of Handling Your Business Legal Issues by Yourself?
Handling legal matters is very important. Businesses have legal issues too and you will be needing an expert in this field. One of the business legal issues that you need to consult to an attorney is drafting and reviewing contracts. A contract is an enforceable agreement of obligations under the law. Here are other things you might want to know about contracts.
Contracts Need To Have The Following:
- Offer: it is what one party is offering to the other.
- Mutual Assent: it refers to the understanding of the agreement between the two parties.
- Consideration: it refers to what the offering party will receive in return. It is the “bargained-for reciprocal exchange” between the parties.
- Legal Capacity: it refers to the ability and mental fitness of the parties when entering the contract.
- Legality: The substance of the contract must not be for an illegal purpose. If the contract violates any laws, it will be determined void.
Different Types Of Contract
- Sales Contracts: Determine the rules regarding the goods a business sells.
- Employment Contracts: Clarifies the work an employee does, can contain requirements like non-disclosure, not working for a competing company while employed, and the pay the employee will receive.
- General Business Contracts: Non specified items that could prevent future problems if contracted.
Additionally, “business contract” is mostly the same as a normal contract in that it must satisfy the elements of formation. Moreover, many business contracts should include more specific terms like the names of parties involved and the distinctions between the buyer and seller. As in all contracts, a business contract must have an offer, consideration, and acceptance clearly stated, both parties must assent to the terms for the contract to be formed and reach a “meeting of the minds”, and it is always important to make sure the terms are clear and not ambiguous.
Los Angeles Business Lawyer For Contract Drafting
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