Learn how to avoid contract disputes.
Contract disputes can happen between small businesses, partnerships, LLCs, or corporations. While contract disputes are more complex with larger businesses, they may be more detrimental to smaller businesses who rely on heavily reputation and community relationships. Therefore, no matter how large the business is, any owner will want to avoid contract disputes.
Contract disputes can be timely and costly and just genuinely bad for business. So it's best to avoid contract disputes whenever possible and anyone can do that by checking to see if your contract is enforceable with these simple tips.
- Formalize your agreement by putting it in writing. Oral contracts are difficult to enforce.
- Take the time to identify and describe all the important aspects of the agreement. These include: the offer, the acceptance, the subject matter, the agreed upon obligation, and the consideration or promise.
- Find out that the person or party you're entering into a contract with is legally able and capable of entering into a contract. Additionally, the subject of the contract must be lawful, meaning it cannot violate a law or public policy.
- Pay a small hourly fee to have the contract read by an experienced attorney. While you may not want to pay the money for this service, think about the costs of litigation and loss of legal fees that could result if you don't have iron-clad contract. Having your contract reviewed by an attorney may not only provide you with legal protection, but it may also provide you with peace of mind.
For information relevant to your particular contract dispute, consult with an experienced and knowledgeable attorney.