As a business owner, you will want to do everything you can to make sure your company can operate successfully. This means that you will not only need to address the day-to-day concerns involved in running your business, but you will want to make sure you can maintain mutually-beneficial business relationships with other companies and consumers. When you make business-related agreements with others, you will need to have valid, enforceable contracts in place that provide you with legal protection and specify what will happen if one party does not uphold their end of the agreement. An experienced business law attorney can help ensure that your contracts will meet your company’s needs.
Shakfeh Law LLC assists businesses throughout the Chicago area with legal issues, including corporate formation, mergers and acquisitions, and business litigation. With over 10 years of experience as a lawyer and business owner, Attorney Danya Shakfeh knows how to address contractual issues properly, and she can help you make sure your contracts will provide you with the legal protection you need.
Contract Negotiation And Review
There are a wide variety of different types of contracts that a business may enter into. Business partners may create a partnership agreement that defines their roles and responsibilities and addresses what will happen if a partner leaves the company. Employers and employees may enter into employment contracts that include terms regarding compensation and benefits, as well as non-compete agreements or confidentiality agreements. Businesses may also use vendor contracts or business-to-business (B2B) contracts to define their relationships with other companies, or they may enter into commercial lease agreements with a landlord that will allow them to maintain a physical location of operations.
There are three basic elements to a contract:
- Offer – One party will attempt to make an agreement with the other, and their offer will specify the details of the agreement and the terms and conditions that will apply to the parties.
- Acceptance – The other party may accept the proposal. Acceptance is usually given in writing, such as when a contract is signed, but in some cases, acceptance may be given orally.
- Consideration – A contract must include an exchange of something of value. For example, it may state that a business will receive goods from a supplier in exchange for monetary payment.
How We Will Help You
At Shakfeh Law LLC, we understand contract law, and we stay up to date on the latest court rulings that affect contracts. With our knowledge and experience, we can provide you with the legal help you need regarding new and existing contractual agreements for your business. We can assist with:
- Contract negotiation – Before you enter into a contract, we can ensure that you fully understand its terms, and we will help you identify any issues that may cause concerns in the future. We will assist in negotiating with the other party to ensure that the contract will provide you with the protections you need.
- Contract drafting – We can assist in writing contracts that fully describe the rights and obligations of both parties while using terms that will be enforceable in a potential contract dispute. We will ensure that your contracts are comprehensive, addressing your needs and concerns and providing you with an understanding of how to proceed if one party does not meet their contractual obligations.
- Contract review – We can go over the contracts which you already have in place and identify any legal issues or concerns that may need to be addressed. If any new contracts are needed, we can help you renegotiate the terms and ensure that your agreements will be legally enforceable.
What You Need To Know About Business Contract Law
Contract law is the area of law used to govern contract creation and its performance. Every time a contract is breached, the contract law provides an adequate remedy and protection to the parties involved.
Business contract law requires certain elements to be included in contracts to make them valid and enforceable. Different types of business contracts may require different specific contract elements.
In general, all kinds of contracts are governed by a combination of court ruling and statutes. Your business contract may be governed by one of two types of state law:
- The Common Law. Most types of business contracts, such as general business agreements, leases, and employment terms, are under the state’s common law. The common law is mostly made by judges and is based on legal precedent, although it can evolve through the years as court decisions are being made.
- The Uniform Commercial Code (UCC). The UCC governs contracts that are for the sale of goods for $500. It contains a standardized set of guidelines and controls how commercial transactions are conducted. The majority of the states have adopted the UCC either in part or in whole.
Make Sure That Your Contract Is Legally Binding
To make sure that your contract is legally binding, you also need to make sure that terms are clear. If there are certain terms that are too vague or too impossible to fulfill, the contract may not be binding. Even if it is legally binding, the court may have a difficult time interpreting the contract which may result in a contract not being legally binding or a party losing out on legal rights.
A contract may also not be legally binding if the object of the agreement is illegal or if it is against public policy. For example, if fraud has been committed, i.e., some facts have been misrepresented in the contract, the contract may not be legally enforceable.
It is essential to seek the help of professional legal experts to make sure a contract is legally binding.
Contact a Chicago Contracts Attorney
Business contracts are a crucial part of your company’s success, and you will want to make sure your contracts protect your rights and meet your needs. We can assist you in negotiating agreements, creating enforceable contracts, and reviewing the validity and enforceability of your existing contracts. Fill out the inquiry form below or call today at (630) 517-5529 to arrange for a consultation. We assist with contracts and other business law matters in Chicago, Cook County, DuPage County, Downers Grove, Oak Brook, Villa Park, Elmhurst, Lombard, Burr Ridge, Hinsdale, and Willowbrook.