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Contracts
About Contracts
According to Cornell University’s College of Law web site, a contract is an agreement creating obligations enforceable by law. The basic elements of a contract are mutual assent, consideration, capacity, and legality. Contracts typically arise when a duty comes into existence, because of a promise made by one of the parties. Adequate consideration must be given to the promise proposed for the contract to be legally binding.
Contracts are mostly governed by state statutory, common law (judge-made), and private law. Private law includes terms of the agreement between the parties who are exchanging promises. Private law may override state law. Statutory law may require some contracts be put in writing and executed with particular formalities. The Statute of Frauds dictates that any exchange for goods, or services totaling more than $500, as well as all real property transactions should be accompanied by a written contract.
Common types of agreements or contracts include:
- Bill of Sale
- Acquisition Agreements (for Sale of Business)
- Confidentiality Agreement
- Employment Agreement
- Non-Compete Agreement
- Lease
- Partnership Agreement
- Licensing Agreement
Typically, clients will contact a lawyer after a contract has already been signed. The meeting is most likely scheduled when a breach of contract is presented. This is sometimes too late to get the most out of legal representation. The contract may not have adequately outlined the promises that each party has made, seeking reimbursement for damages may be out of the question if opposing party does not show assets, or worse, the client may have signed away their right to litigate or may have already put a personal guarantee on items they did not intend.
In the event that the existing contract is not one in which a client would like to continue with, we offer redlining and drafting services. Blake Stewart will work hard to ensure the document is up to industry standards and governing laws.
Blake Stewart can also attend document signings to provide support for any last minute questions or concerns. This ensures that opposing parties do not surprise clients with new documents or new renditions of reviewed documents.
Stewart Law also can provide mobile and in-office notary services to execute important documents in a timely manner!
Document Reviews
Document Reviews with Stewart Law are very involved and include research for a very reasonable price. You can retain our services by giving us a call or sending us a message.
Our package includes:
- Initial Consultation. This meeting is simply to attain the document and information about the given contract that include the relationship between the two parties, how the deal was initially perceived, and any risks the other party may pose in the deal. This can be done via e-mail also.
- Contract Review. This is not your typical online or over the phone review. Some research work is included to ensure that the other party is a legal entity, that it exists with no outstanding claims against it, and to make sure the contract meets statutory standards and best practices for the particular industry. Industries can be highly specialized; omitting a simple statement in an agreement or application could void certain industries’ contracts.
- Final Consultation. This meeting is to present research, explain in lay person’s terms what the contract is saying, and explain what state mandated items are important in the document and why.