Given the importance of contracts to most business relationships, it is perhaps surprising that contracts may sometimes be entered into with little or no thought. It does not have to be that way, however. Carefully negotiated, drafted, reviewed and executed contracts can be essential to the success of a business.
Contracts are essentially entered into through an offer that is accepted when some consideration is made. Contracts can be written, oral or implied. Because, at times, it may be necessary to litigate a contract dispute, it can be important for business owners and individuals entering into contracts to be familiar with the contract formation process and what constitutes a contract and what may not.
Contract disputes can concern a breach of contract, such as a failure to perform, fraud and misrepresentation or shareholder disputes, among other types of contract disputes. Contracts can be entered into in a number of different types of circumstances to preserve important relationships, including in business situations, real estate transactions, the construction context, and other circumstances that arise in the daily course of doing business.
Contracts are important because they define obligations, responsibilities and expectations for individuals and businesses entering into them. Other important information may also be included in a contract, such as how an alleged breach of contract may be addressed. Contracts protect the individualized interests of the parties, which is why it is important to carefully approach contract drafting and the contract formation process generally. When those interests are threatened by a contract breach, it is equally important to know how to properly address the situation.
The contract negotiation, execution and enforcement process should be handled knowledgeably and skillfully because of the important role contracts serve in successful business relationships. Successful contracts can contribute to the overall success of a business and should be addressed accordingly.
Those who want to ensure their contracts are fair and enforceable may want to discuss the matter with an attorney. Our law firm has years dedicated to legal issues that confront today’s businesses, and we stand ready to help our clients address any contract issues they may face.