November 2019

2021 Midwest Road, Suite 200, Oak Brook, IL 60523

Month: November 2019

Top 3 Contract Myths

Contracts are an essential part of both our professional and personal lives. As civil contract lawyers, we deal with contracts almost daily, often without even realizing it. Whether a company wants to come and provide a service to our home or we are in the process of closing a business deal, we review, negotiate, and sign contracts almost daily. Unfortunately, there are many myths surrounding contracts, what they are, and what their requirements are. Believing these myths means that you may enter into a contract that is not enforceable in court or leaving your rights on the table. But first...

What is a Contract?

Before getting to contract myth-busting, it is important to understand what a contract is and why they are important. A contract is a legally binding agreement between parties in which the parties make an exchange. The purpose of having a contract is to ensure the parties have a legal remedy should one party breach the contract. Otherwise, the contract is not worth the paper it is written on. When a contract has terms that are not enforceable, the parties can run into serious problems getting their rights. So what are the most common contract myths? Here are the top 3 contract myths I have seen in my practice.

Contract Myth Number 1: The Myth of the 'Standard Term' or 'Standard Contract'

I've talked about this before and this is still absolutely one of the worst myths that I have seen even other ...