Your business lives or dies based on its contracts. With whom do you have business contracts?
- Employees
- Independent Contractors
- Suppliers
- Customers
- Advisors
- Landlord/Tenants
- Government at a wide variety of levels
And that’s only a partial list.
As an astute business owner, manager or entrepreneur (which is why you’re reading this newsletter! ), you know that it pays to understand “contract law” as a guide to your contractual relations with others.
Sure, if a contract is complex and involves a lot of legal issues, you’ll probably ask your lawyer to draft it for you. But whether you do that, or pick up a “standard form” you came across a few years ago, you should not unconditionally accept what you read or are told. As with many areas of business activity, your understanding of “what’s behind the curtain” can help you enter into appropriate, effective and enforceable contracts that help your business grow in a profitable and productive manner, and also often serve to limit exposure and potential liabilities associated with certain types of contracts.
So, from time to time we’re going to bring up various “contract issues” here in Business Briefs, to help increase your knowledge base and familiarity with contract law. We would also welcome your questions about “contract law”. If they’re of a general nature, and raise an issue that we think many of our readers might also find interesting to learn more about, we will attempt to answer them.
The information presented is not intended to be, and does not constitute, “legal advice.” Because each situation varies, and only brief summary information is provided here, you should not use this information as a basis for action unless you have independently verified with your own counsel that it applies to your particular situation.
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