The contracts that bind your business will play a major role in determining if you are ultimately successful or not. From vendor agreements to employment contracts, these documents can work in your favor or cause catastrophic damage to your organization.
Thankfully, you can rely on guidance from experienced business attorney Sasha Begum for contractual matters both large and small. Having an Austin contracts lawyer guiding you can ensure you have the best shot at an agreement that will protect your interests and hold up in court.
Contracts play a critical role in virtually all aspects of your business. An experienced Austin contract attorney can help with drafting, negotiating, or reviewing any of the following agreements:
Each contract must be tailored to the specific needs of the business. If your contract has ambiguous or conflicting terms, it can lead to conflict and even potentially litigation. That makes it crucial for you to rely on the skill of dedicated legal counsel for any contract-related issues.
Consideration is a fundamental element of any legally enforceable contract. In simple terms, consideration refers to what each party gives up or agrees to do as part of the agreement. It can take many forms, including money, services, goods, or a promise to refrain from an action. For a contract to be valid under Texas law, there must be mutual consideration—both sides must offer something of value.
The idea behind consideration is that contracts should reflect a “bargained-for exchange.” One party offers something, and the other accepts in return. For example, if a business agrees to pay a vendor $5,000 for services rendered, the payment is consideration for the service, and the service is consideration for the payment.
Importantly, consideration must be more than a past act or a vague promise. It must be specific, measurable, and exchanged at the time the contract is formed. If only one party receives a benefit and the other gives up nothing, the contract could be deemed unenforceable. An Austin contracts attorney can help ensure that the consideration is clearly defined and legally sufficient, reducing the risk of future disputes over the validity of the agreement.
Even the most carefully-drawn agreement can be violated by one or more parties. These so-called “breaches” are not all the same. While minor breaches of a contract cannot be ignored, a material breach could harm your organization and frustrate the entire purpose of the agreement.
A minor—or immaterial—breach of contract are not serious enough to threaten the relationship between the parties or potentially end the arrangement. While damages might be in order for a material breach, they do not provide grounds to terminate the contract.
The same is not true for material breaches, which involves a party violating a key part of the agreement. Not only can this type of breach lead to damages, but you may be entitled to end the contract early.
There is also something known as an anticipatory breach of contract that occurs when one party believes the other will not uphold their end of the bargain. This can happen in cases where the party has breached similar agreements with other vendors.
Contracts play an important role in all aspects of your business, so it is a good idea to work with legal counsel who understands the law surrounding these agreements. Reach out to Begum Peláez-Prada PLLC today to speak with an Austin contracts lawyer.
