Contracts are the cornerstone of any business, whether you’re buying from vendors, hiring executives, selling stock to investors, securing loans, or acquiring another company. When you agree to exchange something of value with another party, you enter into a contract. The best way to ensure the deal you negotiate is performed as anticipated is to put the terms in writing.
Without written contracts, business dealings would consist of confusion, finger-pointing, and misunderstandings. For award-winning care and the attention your business deserves, contact a Dominion contracts lawyer at Begum Peláez-Prada PLLC.
Contracts that are not mutual are invalid. Both parties must exchange something of value, such as money for talent or expertise. When only one party offers something, it is considered a gift or a non-binding promise.
According to Texas Business and Commerce Code § 26, certain agreements and any modifications must be in writing and signed. If one party breaches an oral agreement that should have been in writing, the aggrieved party will not be able to enforce it. Managing partner Sasha Begum has almost two decades of high-level business law experience and could advise you on any matter that requires an airtight, comprehensive contract. Our team prides itself on providing clients with ironclad support in all business matters.
All contracts name the participating parties, the date the agreement is executed and effective, and the termination date. They outline duties, obligations, and benefits, ensuring each party will perform and have the legal right to enter into the agreement. A purchase agreement defines the delivery of goods, prices, and payment terms.
Contracts should also include due diligence, confidentiality, dispute resolution, and remedies for breach. They cover a myriad of situations, including:
When you are presented with a contract or are in a situation in which you will need to create one, our Dominion contracts attorneys at Begum Peláez-Prada PLLC could provide guidance and support through the process.
Failing to honor a contract can result in a breach: material, immaterial, or anticipatory.
Material breaches can suspend the obligations of the contract because of the significant damage caused to the other party due to undermining the agreement. Your attorney will try to renegotiate terms, fix the problem, or instigate litigation on your behalf.
Immaterial breaches are minor misunderstandings or actions, such as vendors delivering goods late because of a supply chain shortage. Your attorney can usually correct the problem, but in some cases, you may be entitled to payment for losses incurred.
Anticipatory breaches involve one party’s suspicions that the other is not going to perform their end of the bargain, perhaps because of rumors that vendors and employees are not being paid.
For assistance with any of these contract breaches, contact a Dominion lawyer at our firm.
Whether you are seeking advice on contracts for your new business or advice on a merger or acquisition, you have come to the right law firm.
At Begum Peláez-Prada PLLC, we value every client and their business and strive to fulfill all your contractual requirements and any other complex or simple business issues. Call today and schedule a consultation to discuss how we could help.
