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Contract law information and tips  March 11, 2011 – 12:51 pm
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A contract intends to formalize an agreement between two or more parties, in relation to a particular subject. Contracts can cover an extremely broad range of matters, including the sale of goods or real property, the terms of employment or of an independent contractor relationship, the settlement of a dispute, and ownership of intellectual property developed as part of a work for hire, and prenuptial agreements.

Contract law includes providing support and documentation for the establishment of companies and other corporate entities, mergers & acquisitions and investments, corporate and commercial litigation, the legal structuring and reorganization of corporate entities or groups of corporate entities, corporate governance, share transfers and commercial contracts.

When entering into a business relationship (even with friends), it is advisable to construct, agree upon, and sign a contract with two purposes in mind: one: to clarify the roles and responsibilities of each party/person that the contract pertains to, and two: to avoid any misunderstandings or miscommunications between parties/persons. It may very well be the case that both parties are acting in good faith for mutual benefit and success, but if there is no contract in place, parties may have a different memory or opinion about issues that were discussed and even agreed upon or, the circumstances of one of the parties could change during the course of the business relationship. Many issues can be avoided by having a solid and binding contract in place!

Source: ZL Attorneys

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