Enforcing Your Company's Business Contracts

As a small business owner, you will likely form multiple contracts. Employee agreements, purchase orders from vendors, services you provide to your customers, and lease agreements are just a few examples of the types of contracts you are likely to encounter.

Contracts are designed to protect all parties involved in the agreement, ensuring that everyone receives the value promised to them. In most cases, all parties uphold their ends of the bargain and things progress without incident. However, in some cases, one party may fail to perform as agreed. In these instances, you may be required to take steps to enforce the contract in order to protect your interests. Our Lake of the Ozarks business attorney is here to examine what makes a contract enforceable and what steps you can take to begin the process.

 What Is A Contract?

 Essentially, a contract is formed when you agree to exchange things of comparable value with another party. For example, you agree to give customers your products in exchange for money. If you hire an employee, you agree to give that individual a paycheck (and possibly some benefits) in exchange for her time, labor, and good performance. 

 Contracts can be written or oral. While not every contract is required to be in writing, a writing may be preferable because enforcing oral agreements can be extremely challenging.

 Enforcing A Contract

When both parties fulfill their contractual obligations, everyone benefits. When one party fails to uphold their end of the bargain, the other party may have to take steps to enforce the agreement.

 In order to be legally enforceable, contracts must meet certain specifications. Here are a few examples.
  • Capacity. All parties entering the contract must have the capacity to do so. Contracts entered into by minors and individuals declared to be legally incompetent are not legally enforceable.
  • Public Policy. The terms outlined in the contract must not violate state and federal law. Contracts outlining illegal activity are not enforceable.
  • Duress. All parties entering the contract must do so of their own accord. If one party entered the contract under duress or coercion, the contract may not be enforceable.
  • Unconscionability. Contracts are designed to exchange things of comparable value. If the contract heavily favors one party, the court may strike it down as unconscionable.
  • Misrepresentation. All parties entering the contract must be aware of all the significant facts and circumstances surrounding the agreement. If it is later revealed that one party withheld or misrepresented important information that may have influenced the other party's decision to enter the agreement, the contract may not be enforceable.

O'Donnell Law Center Can Help With Your Business Contracts

In order to protect your small business, it is important that contracts you enter into are legally sound and enforceable. We help small business owners draft and evaluate their contracts.

For more information about our business law services at the Lake of the Ozarks, give us a call at 573-552-0317 or check us out online: www.ODonnellLawCenter.com

We Carry Your Burden ~ You Carry On With Life.

Disclaimer: No attorney-client relationship is created by the publication of this blog.

The choice of a lawyer is an important decision and should not be based solely on advertising.

Phone: (573) 552-0317

O'Donnell Law Center, LLC
1026 Palisades Blvd. Suite 3
Osage Beach, MO  65065
Location: Osage Beach, MO 65065, USA

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