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In this article, you can discover:
- What makes a contract enforceable?
- The difficulty of drafting and executing a contract.
- Common pitfalls in creating a legally sound contract.
When looking at a contract, you’re looking at whether the terms of the agreement are enforceable. This means looking at whether the goods or products being exchanged are clearly defined and whether the price and quantity are agreed upon. If these basic elements are in place, then the contract is more likely to be enforced.
With enforceability, you’re looking at various elements but two of those elements are what you’re paying for and what services you’re getting in return. With a product, this is usually easy to understand. You determine the specific product you wish to purchase in exchange of a payment as agreed to by the parties. With a service, however, it can be more difficult to understand what you’re actually getting for your money. Are you paying for the time of the person providing the service or for the results of the service? Hence, why it is important to be clear as possible regarding the services to be rendered and when payment is to be issued.
To ensure that everyone is treated fairly, those who are under the age of 18, intoxicated, coerced, or not of sound mind have the ability to void the contracts the agreed to. This protects people from being taken advantage of and ensures that only those who are able to make decisions freely can be held accountable for their actions.
Moreover, it is also important to ensure the goods or services being exchanged via the contract are not against the law. For example, if you’re looking to buy cocaine, you might think that all you need is a contract outlining the terms of the sale. However, even if all of the elements are in place, such a contract would not be enforceable in court, because purchase and sale, not to mention possession, of cocaine is illegal. So, no matter how well you’ve written up the agreement, it won’t matter—it’s still against the law, and, therefore, the contract is unenforceable.
Are Drafting and Executing A Contract More Difficult Than Most Business Owners Assume?
The answer to that question varies depending on the types of contracts involved. Some contracts are relatively simple and straightforward, while others can be much more complex. For example, a simple purchase at retail store is usually not very complicated and both parties will simply agree to the terms. However, an acquisition deal can be much more involved, as you may need to negotiate terms and buy someone out of their business for instance.
If you’re looking to acquire a business, there are a few things you’ll need to take into consideration. Firstly, you’ll need to negotiate terms and buy someone out of their business – which can be more complex than you might think. Secondly, you’ll need to consider things like non-compete clauses, payment schedules, and what exactly is included in the sale as well as the transition phase. Acquisitions can be tricky, but with careful planning, they can be very successful.
Overall, it is beneficial to have an experienced contracts attorney by your side to ensure your interests are outlined correctly and protected in the agreement. Attorneys also have the knowledge and background to know what makes a contract enforceable and what does not. Therefore, in order to ensure a written agreement is binding and proper, it is helpful to consult an attorney first.
What Are Common Mistakes That Can Impact Contract Enforceability?
There are a few key things that can affect the enforceability of an agreement. For example, if you don’t state how many units of a product you want or what the price is, that could be a problem. Also, if you’re under duress when you sign the agreement that could void it.
If you break the law, you can expect to be punished. However, if you don’t follow the terms of a contract, you could be held accountable by the other party. That’s because fairness dictates the non-breaching party needs to be made whole. This fear of litigation normally assures both parties will honor their commitments.
Can A Contract That Already Exists Be Corrected?
After a contract is executed, there are limited options for changes. Although it is possible to modify or amend a contract after it has been executed, both parties would need to agree, and there must be some sort of new consideration, unless the parties agree otherwise.
Most contracts are written with the understanding that both parties will adhere to the terms of the agreement. However, there are some situations where one party may want to change the terms of the agreement. In these cases, there needs to be some incentive for the other party to agree to the changes. Otherwise, they may simply refuse to budge on the contract terms.
Can An Attorney Draft a Contract That Will Help Our Business Avoid Future Issues Or Disputes?
If you’re entering into any kind of agreement with someone, it’s important to have a lawyer draft the agreement. This way, you can avoid any potential problems in the future and protect yourself from liability. Having a well-drafted agreement is the best way to ensure that your interests are protected.
If you want to reduce the chances of future liability, you should have an agreement drafted by an attorney. This will minimize the chances of there being future issues.
With the guidance of a skilled attorney for Contracts Law, you can have the peace of mind that comes with knowing that we’ll make it look easy.
For more information on Contracts Law in Florida, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (305) 606-6139 today.