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

Comments

Post a Comment

Popular posts from this blog

Top 5 Ways to Make Divorce Easier on your Children

Image
Divorce is a tough time for everyone involved – especially kids. It can be hard for young children to understand what is happening to their family. It can be difficult for children to process this time as their family dynamic changes. As your divorce attorney in Osage Beach, MO , our law center sees a number of children struggle as their parents get a divorce at the Lake of the Ozarks. We’re here to help parents through the divorce process but we’d also like to help offer advice on how to make this stressful time easier on your kids, as well. 1) Be Honest It’s best to be honest about your divorce with your kids. While they may not need to know all the ugly details, they deserve to know what is going on with their parents. Have an open conversation about your divorce from your spouse and let them know they can ask any questions they may have. Try to answer any questions in an honest and positive manor. 2) Encourage them to Share Feelings You should always encourage your kid
Read more

Meet Attorney Deirdre O'Donnell!

Image
Positive and genuine client relationships are our number one priority at O'Donnell Law Center. We truly care about getting to know our clients so we can provide them with the best possible legal services at the Lake of the Ozarks . We recognize that strong relationships are a two-way street, though, so this week we're dedicating our blog to helping you get to know the Lake of the Ozarks' top attorney , Ms. Deirdre O'Donnell. Getting to Know Deirdre! I was born in St. Louis, Missouri on February 22, 1962. I graduated from Pattonville High School in St. Louis County and went on to earn a BA from Washington University in St. Louis, a Master's Degree in Social Work from Washington University and a Juris Doctorate Degree from Washington University School of Law. By 1996, I was licensed to practice law in the state of Missouri. In my young adult years, I played keyboard and performed in various St. Louis venues in a contemporary jazz band. I later worked a
Read more

Cremation vs Burial – What’s the Difference?

Image
Planning for end of life may come with more decisions than you first expect. Creating an estate plan near the Lake of the Ozarks can help relieve your loved ones from having to make many tough decisions upon your passing. Not only can you decide who will receive your assets, you can also plan your end of life wishes for being laid to rest. Our estate planning attorney in Camden County, Missouri wants to help inform you of some of the decisions you’ll need to make as you make your end of life plans. In this week’s blog, we’re comparing the difference between cremation and burial options for being laid to rest. All About Cremation: Cremation is the act of being incinerated until your remains become ashes. This method of body disposal is becoming more and more popular. Timeframe – cremation can take place further after death. The flexibility with time allows your family time to gather and plan a more personalized ceremony. Paying Respects – family and friends can memorialize th
Read more