Business Contract Law

Business Contract

Business Contract Law:

A business contract is an agreement entered into by two or more parties with the intention of creating a legal obligation. Merchants enter into agreements to conduct commerce and enforce those agreements through a business contract. Business contracts can be formed orally or in writing, however contracts in writing are customary since they evidence the existence of a contract.

Benefits of Creating Business Contracts

Business contracts are an effective way for merchants and business owners alike to engage in commercial transactions. A written business contract expressly states to each party the terms and conditions of the agreement they are entering into and affirms mutual assent between all parties. Business contracts are also an effective way to indicate what each party is contracting for, when performance of the contract is due, and what expenses are expected throughout the contract.

Consequences of not creating a business contract

Contracting with merchants and customers is what keeps a thriving business alive. When a business enters an agreement without a business contract, and a party breaches that agreement, it can be difficult for the non-breaching party to recover damages without a business contract. Businesses that enter into agreements over a certain amount of money need to have a contract expressly written in order for the courts to enforce the agreement, but without that business contract a business can lose substantial profits and be unsuccessful in recovering damages.

What a business law lawyer can do for you

Lawyers have expertise in drafting business contracts and can ensure that your rights as a business owner are protected. Business Lawyers can ensure all parties are receiving agreed upon shares and can properly enforce conditions to a business contract in case the agreement is going to be executed over a period of time. A lawyer drafting a contract will make sure your business contract is enforceable in the event that the other party breaches the contract and you have to recover damages. A lawyer can make sure to include certain clauses in the event that you or the other party must breach the business contract after formation because of unforeseen circumstances.

Contracts are essential to have when you engage in commerce with other merchants. When a business contract is not properly drafted you stand to lose substantial profits because the contract may not be enforceable in a court of law. A poorly created business contract can reduce the likely hood of a successful Contract Disputes or Contract Litigation. Do not risk losing profits or goods because you entered into a business contract without having a lawyer review the contract first.

Lawyer Referral Service

If you are looking for an attorney with experience in creating business contracts, contact Attorney Search Network today for a free lawyer referral to an experience and local Business Contract Attorney.

If you have any questions about the information provided above, please contact us. Call us toll free at (800) 215-1190 or fill out out online form for your business dissolution lawyer referral.

If you have any questions about the information provided above, please contact Attorney Search Network.