Question 1

Why should an attorney review my business contracts?

Accepted Answer

In addition to knowing the specific items the client desires to include in the contract, the attorney knows the law that applies to various terms and conditions of a contract, and what terms and conditions are necessary or appropriate for the subject of the contract. The attorney ensures the client’s rights are protected and that the terms accurately reflect the client’s intentions.

Question 2

What types of contracts can a business lawyer draft?

Accepted Answer

Business attorneys commonly prepare stockholders or members agreements, operating agreements, employment agreements and non-disclosure agreements (NDAs), as well as business operational agreements such as vendor contracts, customer agreements, service contracts, purchase agreements, and lease agreements.

Question 3

Can a verbal agreement be legally enforceable?

Accepted Answer

In some situations, yes. However, written agreements are generally easier to enforce and help prevent misunderstandings between the parties.

Question 4

What happens if someone breaches a contract?

Accepted Answer

Depending on the circumstances, the non-breaching party may be entitled to damages, specific performance, or other legal remedies. An attorney can evaluate your options and pursue the appropriate course of action.

Question 5

What should be included in a business contract?

Accepted Answer

A well-written business contract will properly identify the parties, articulate the subject of the contract, define deliverables, set timelines for performance, set payment terms clearly, and outline what constitutes a breach. It must also include dispute resolution procedures, protect confidentiality, and include clear termination language.

Question 6

What is the difference between a business contract and a commercial contract?

Accepted Answer

The term “business contract” broadly covers all internal and external operations, including employment agreements, business partnerships, or leasing office space. The term “commercial contract” generally applies to a more narrow transactional contract between businesses dealing with revenue-generating activities, such as supply chain arrangements, distribution, and sales and purchase transactions.

Preguntas frecuentes sobre planificación patrimonial