If you’re a small business owner, like me. Chances are, you deal with contract issues on a daily basis. In one form or another, contracts bombard us. Most of them are easy enough to understand, basic quid pro quo. But what you need to know about contracts and what legal remedies each party might have for each one entered into, might just be more than you have the time and the inclination to deal with.
Don’t enter into a legally binding contract of any type without knowing exactly what you’re getting into and exactly what your duties and rights are. I’m going to say it, cringe. Get a lawyer.
A contract can be defined as a promise or set of promises for which the law gives a remedy, or the performance of which the law, in some way, recognizes as a duty. Therefore, by establishing a mutual agreement, the parties to a contract create enforceable duties or obligations that are legally binding. Obviously, in most instances, it is preferable to establish written contractual relationships. However, written contractual instruments that are ambiguous or poorly drafted, can create more problems than they solve. Written contracts should always be drafted in a clear, concise and understandable fashion.
Notice the words clear and concise. I haven’t seen one of those recently. How about you? Obviouly there are lots of law firms, many of them don’t even touch contract law. So, do your due diligence and find one that does. These guys are like pediatricians, they specialize. The key, for me anyway, is finding a firm that excels in dealing in not only contract law, but mergers and acquisitions and living trusts as well. And one, who has license to practice (is admitted to the bar or has reciprocity) in Mississippi.
