BUSINESS AGREEMENTS

Business Agreements
Lawyer in Fayetteville, AR

Serving Fayetteville, Springdale, Rogers, Bentonville, Fort Smith, Joplin, Tulsa, & Springfield

Contracts are simply agreements or promises between one or more parties. People often enter into contracts without even realizing it. Business owners need a comprehension of the basic concepts of contract law, but they should also be ready to seek the advice of a business attorney when conflicts over contracts reach the stage of legal action.

Contracts can be made in a variety of ways. They can be written (some must be in writing), oral or implied by conduct or a history of past dealing. For example, if you have been receiving shipments from a vendor for a period of time and are always billed monthly and have paid the bill an implied contract has been formed. When conduct or the cost changes, you need an experienced business lawyer to assist you in resolving any disputes. Contact Rick Woods for contract & agreement law advice. 
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Defending Breach of Contract Cases

There are many defenses available to defendants in breach of contract suits. The defenses are categorized as whether they would make a contract voidable or completely unenforceable. The most common reason that a contract would be unenforceable is that one or more of the parties lacked the capacity to enter into a contract because of his or her age, mental infirmity, or intoxicated state. Some additional reasons that a contract would be voidable include:
  • Mistakes, misunderstandings between the parties at the time of formation, whether unilateral or mutual.
  • Fraudulent misrepresentations by one or more parties at the time of formation.
  • Lack of consideration – nothing given by one party in exchange for the other party’s promise.
  • Illegal subject matter.
Finally, the Statute of Frauds requires that certain types of contracts be made in writing in order to be enforceable. The Statute of Frauds covers the following types of contracts:
  • Contracts concerning real estate.
  • Contracts that cannot be performed with one year.
  • Contracts for the sale of goods of $500 or more.
  • Promises to pay another person’s debts.
  • Promises by an administrator to personally pay debts of the estate.
  • Promises in consideration of marriage.

Negotiation And Contract Drafting Tips

Contracts are many times the guardians of a business's life-blood. Knowing both how to negotiate and draft effective contracts is paramount to successful business. Both in simple, informal agreements and in complex, formal contracts, businesses should negotiate and draft with an eye toward avoiding disputes and achieving the best possible deal.

Summary of Business Agreements

Business owners should know the basics of contract law in order to inform their decisions when negotiating and entering into contracts. If you have questions regarding how to draft, negotiate, enforce, or defend against enforcement of a contract, contact Rick Woods today.
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