Companies of all sizes rely on contracts when dealing with employees, vendors, freelancers, and even customers. The terms of these agreements are crucial. Even a minor mistake in drafting could lead to costly consequences.
Attempting to draft, negotiate, or litigate an agreement without the help of a dedicated business attorney is a mistake. The good news is that you have the opportunity to rely on an Alamo Heights contracts lawyer, such as Sasha Begum, throughout this process.
Contracts are used in virtually every aspect of operating a business. From formation to dissolution and all points in between, companies frequently enter into various types of agreements.
Despite this broad range of possibilities, every contract includes certain basic information, such as the identification of the participating parties and the date of execution. In some cases, there will also be a termination date that marks the formal end of the agreement.
The nature of business contracts varies dramatically. Some common examples include:
Regardless of your company’s specific circumstances, it is likely that you have or will enter into a contractual agreement at least once. Securing the support of an Alamo Heights contracts attorney is crucial for avoiding mistakes during the negotiation and drafting process.
Another key aspect of any viable contract is consideration. The courts will not enforce a promise from one person to another unless both sides exchange something, whether it is money, time, expertise, or something else of value. Exchanging promises for something of value is known as consideration.
Consider the following example. If someone promises to give you ten dollars and then opts not to follow through, there is no contract in place since you did not agree to give anything in return. If the other person promised to give you ten dollars in exchange for a wristwatch but fails to pay you, then they would be in breach of a valid contract.
Certain contracts have more requirements than others. For example, agreements for the sale of real property are only valid if they are in writing. Even if there is consideration, there must be formal documentation to qualify the agreement as a contract. An Alamo Heights attorney could ensure all of the requirements of a formal contract are met.
A contract is breached when one or more parties do not abide by its terms. However, not all breaches are the same. The extent of the violation of the agreement is important, as is its impact. If someone has breached a contract with you, a qualified contracts attorney in Alamo Heights could evaluate the specifics of your case and help you determine how to proceed.
A breach is considered material when it causes significant damage to the other party. A material breach is serious enough that it may suspend the non-breaching party’s obligations set forth by the contract.
Alternatively, there are also immaterial breaches. These are relatively minor issues that are problematic but can be remedied more easily than material breaches. While it is often possible to negotiate a resolution, even an immaterial breach could lead to a viable case for compensation.
If your company needs an agreement drafted or plans to enforce an existing one, it is imperative that you secure the support of strong legal counsel. You do not have to navigate this complex process on your own. Reach out to an Alamo Heights contracts lawyer at Begum Peláez-Prada PLLC as soon as possible to talk about your options.
