We prevent and resolve problems related to Michigan and Ohio Contract Issues. Creating a good and viable contract between parties is of paramount importance. There is an old adage in business: “pay now or pay later.” This is never more true than when it comes to generating a contract. A written contract is most often the foundation for all business relationships.
The elements that must be established to demonstrate the formation of a legally binding contract are (1) offer; (2) acceptance; (3) consideration; (4) mutuality of obligation; (5) competency and capacity; and, in most circumstances, (6) a written instrument.
Contract law and legal theory has developed over the centuries and thousands upon thousands of cases center around the six elements listed above. The contract attorney’s job is to create contractual provisions that protect their client’s interests not only for when business relationships are good between parties, but more importantly, if and when these relationships deteriorate.
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Frequently Asked Questions
Top 5 Contract Questions!
Contract law has evolved over centuries of English and American jurispurdence. It is often complicated, filled with subtule legal nuances that can, and will impact the legal outcome of one’s case. Make sure that you have the right representation when negotiating a contract or tackling a contract dispute. Call us today to learn more about your rights!
Do all contracts have to be in writing to be enforeable?
No, a contract can be legally enforceable whether it is made in writing or it is an oral agreement. There are some exceptions however. Under the Statute of Frauds, certain agreements are not enforceable if they are not in writing. For example, agreements related to real estate that have a term exceeding one year must be in writing to be valid. Check with our attorneys to learn more about these exceptions.
What if I signed an agreement on behalf of a small company that I own. Am I also personally responsible for the company if it defaults?
Whether or not you will be held personally responsible under a contract will depend on the provisions in the contract. If you signed as a ‘personal guarantor’ for the company, you will be held accountable for the company’s obligations, but to what extent will depend upon how you negotiated your guaranty.
I never signed an agreement that years later, I am now being sued over. Can I be held liable?
Even if you feel that you did not enter into an agreement, a court may find that you are bound by a contract pursuant to the legal doctrine of ‘promissory estoppel.” The court will determine if (1) a legal relationship either exists or is anticipated between the parties, (2) representations are given in circumstances that lead the other party to assume the promise will be performed, (3) reliance by the other party on the promise or representation to their own detriment, and (4) it would be unconscionable for the promisor to go back on their promise.
Can I collect punitive damages for a seller's breach of a business agreement?
Unless the conduct of the other party was so outrageous, reckless or malicious, it is highly unlikely that a court would awared punitive or exemplary damages in a contract case. Compensatory damages are awarded instead. Courts most often awared compensatory damages covering the actual loss the nonbreaching party incurred as a result of the breach of contract. Compensatory damages replace the loss caused by the breach.
A Word Or Two About Contracts.
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“I wish I had this book before I got into business with my good friend and his sister. It all seems good until it isn’t. David hit the nail on the head. I read the book and found myself nodding my head the whole time. There are so many things that I could have done to protect my assets. I’ll say it again. I wish I had this book…..” B. Abrams, Brownstown
“David, I just finished reading your book, “Shady.” I enjoyed it. It made me think of my business law studying for the CPA exam. Thanks.”
John. B., Birmingham, MI
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Real Estate Law
Real estate and finance law are their own legal specialties. So how do you determine which attorney you should work with...
Contracts regulate expectations between parties. Working without a contract is comparable to walking a high wire without a net.
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David, I anguished for months over my problem. Had I not called you, I don't think I would have gotten it resolved. In less than 2 weeks you negotiated a fair settlement for my business. I'm so happy and my employees are happy. Thank you!
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