Contracts are usually for a set duration. Two people promise to each do something for a period of time. Unless the contract specifically covers the situation, you are better off renewing your contract when it expires. Some contracts will have language that deals with extending. Many deals will carry options where one party has the legal right to exercise…
When you are buying a car, the colloquial phrase for learning more about the vehicle is “kicking the tires.” When you are considering a business deal, you can think of due diligence as kicking the tires and then some. You need to learn as much as you can about the other entity before you commit to the deal. With…
When you enter into a legal agreement with another party, you expect them to keep up their end of the bargain. However, what happens when they refuse to perform their obligations under the contract, and then they argue that the contract is unenforceable? The reality is that some contracts – or certain provisions within contracts – can be held…
Vendors can play an important role for many businesses, and you likely rely on your vendors for your operations and to follow through on promises to customers. Vendors can provide many goods and services, from cleaning your commercial property to supplying materials for a construction job or to assemble your products. It is critical that a vendor is reliable…
A successful contract unfolds when each party performs its obligations. A contract must have certain minimum basic things in order to be valid. Here are some of the basic requirements. Consideration This is a legal term for the requirement that each party to the contract must be promising something. Most commonly, one person provides a good or service, and…
