A contract is an agreement between two or more parties which creates an obligation to do or not to do a specific thing. A contract is formed when one party offers to do something, the second party accepts the offer and something of value is given which supports the promises that were made.
Each party to a contract is responsible for fulfilling the terms of the contract. The failure to perform the obligations of a contract is called a breach of contract.
You may enter into several different kinds of contracts, including:
An agreement to purchase the business;
Agreements between parties to take certain actions if the promises made are supported by something of value;
Leases for real and personal property;
Agreements to purchase anything;
Sales to customers;
Agreements to employ people for a certain amount of time, etc.
Before you sign any contract, show it to your lawyer. This is the Number-One best way to ensure that you get the deal you deserve without giving up your rights, ending up with no money, or worse, owing money to someone for your work
Make sure you never sign a contract without having a lawyer read over it first. It is always better to turn down a bad deal than suffer the consequences for years to come. When anyone gives you something to sign, explain that your lawyer needs to look over it and ask how much time they will give you before you return the signed document.
A person signing a contract must have reasonable knowledge of what is contained in the agreement before executing the document is binding. More specifically, the law requires a person considering signing a contract to have a reasonable opportunity to review the agreement before execution.
A person planning on signing a contract should give serious consideration to having a trained and experienced attorney review the agreement in advance. Therefore, do not hesitate to contact us whenever the situation requires it.