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Five Essential Tasks an Effective Business Lawyer Can Handle

October 22nd, 2009

By Mark Schecter | 1 Comment »

Despite the differences between large and small businesses, they are similar in many ways. One thing most successful businesses and corporations, regardless of size, have in common is an effective business lawyer on retainer to protect and represent them at every stage of business.

Hiring a business lawyer is not mandatory for any corporation, but it is clearly the safer manner in which to conduct business. If you do not have a business lawyer on retainer, you are not alone but you are taking a huge risk that you probably can’t afford to take.

Although the benefits of hiring a business lawyer may not seem evident at first glance, but there are several you should take under consideration. Most entrepreneurs do not forego retaining a lawyer because they want to risk their businesses. They often do not fully understand what lawyers do and exactly how they can contribute to the success of new and existing businesses.

If you’re one of those entrepreneurs mentioned above, here are five (5) essential tasks an effective business lawyer can handle for your company:

1.    Business Organization
From the moment you decide to start a company, the real work begins. The way you decide to establish and organize your company in the initial stages can determine how secure and protected, if at all, your business is at the end of the day.

Not only can a business lawyer help you decide whether a partnership, sole proprietorship, corporation or limited liability company is suitable for your new endeavor, he/she can prepare and file the documents necessary to perfect your business registration with the state of Florida.

2.    Contract Negotiation and Preparation
Most important business deals are sealed with a contract, and the strength of any contract is contingent on the negotiations process. Because of this, having a tenacious and experienced business lawyer to negotiate contract terms that express and protect your business’ best interests is a safe and smart decision to make.

An experienced business lawyer can draft ironclad business contracts that represent the parties’ obligations, compensation, penalties, and other pertinent terms and provisions, and protect you if or when a breach of contract occurs.

3.    Commercial Property Lease Negotiation
When it comes to doing business with the public, the location of your business is an important factor to its success. Whether you’re looking to lease office space or a retail store in a high-end neighborhood, your lawyer can help you locate a property, negotiate the lease terms, and prepare a lease agreement that unambiguously expresses the terms of the agreement between you (the tenant) and the landlord.

4.    Purchase an Existing Business
Entrepreneurs come in many shapes, sizes and forms, and for various reasons they decide to be their own boss. With that said, not every aspiring business owner wishes to build a company from scratch. Some budding entrepreneurs would rather purchase an existing, thriving business. If this is your preference, a business lawyer can help you navigate the entire business acquisition process with ease. He/she can help you find a viable business to purchase, negotiate the purchase terms, prepare the Purchase Agreement and any other pertinent documents to complete the acquisition.

5.    Protect your Intellectual Property
As you develop your company’s identity, it is imperative that you take measures to protect it as well. This protection is even more critical for individuals that offer design-based services utilizing their creativity. A business lawyer can register your company name, logo, symbol and tag line for copyright and trademark protection to prevent anyone from borrowing your creativity and company identity.

Starting a business can be a very exciting or stressful situation, depending on your knowledge of how the process works; how your business should be set-up, organized, and managed. When you hire a business lawyer you’ll have help preparing your business plan, organizing and setting up your company, preparing valid and enforceable contracts, negotiating commercial lease terms and agreements, as well as on-demand legal support and document review services to handle any issues that may arise. If you are in search of an experienced, tenacious and effective business lawyer in the Fort Lauderdale, South Florida area, contact the business lawyers of Schecter Law today.

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Posted in Existing Business Acquisition, business, contract law | 1 Comment »

Five Factors to Consider before Hiring a Business Laywer

October 8th, 2009

By Mark Schecter | 1 Comment »

checklist-pencilA good business lawyer is an essential component of any business, whether it’s a large corporation or small, home-based business. Although the benefits aren’t always immediately evident, a lawyer can assist you with all aspects of running your business; from the initial start-up phase to dealing with issues of compliance. An effective business lawyer can also represent your company and help resolve incidents that could result in business litigation.

Despite the need for effective legal representation, choosing the right lawyer to represent your business and protect its interests is not the easiest task to complete. In fact, it can be a rather daunting task if you’re not sure how to research and find the right lawyer for your business.

There are several factors you should take into consideration when shopping for a good business lawyer. Here are five factors to consider before you retain the services of any lawyer:

1.  Experience and Expertise
Before you hire a business lawyer, you should ask about his/her experience, specifically the length of time they have been practicing law, and the types of law he/she has handled over the years. If you are in the start-up phase of your business, you may prefer a lawyer that has assisted with the incorporation, set-up and organization of other new businesses. If your company is established but requires a lawyer to represent their interests in civil actions, you’re in need of a lawyer that specializes in litigation, preferably a tenancious litigator.

First, determine your business’ legal needs. Next, seek out an lawyer that possesses the type of experience that will allow him/her to better represent your business.

2.  Communication Skills
Good communication skills are vital to any relationship, especially the relationship with your lawyer. It is imperative that you’re able to effectively communicate your thoughts, concerns, and business needs to your lawyer. Choose a lawyer that will answer your telephone calls, return your messages, and respond to your emails. In many instances, you can assess a lawyer’s communication skills from the initial point of contact, well before you retain their services.

3.  Familiarity with your Type of Business
While some lawyers have general practice law firms, others choose to specialize in one or more areas of law. Ideally, you want to retain a business lawyer that has represented other companies similar to yours, and provided legal assistance in matters that mirror your own. The lawyer’s familiarity with how your business operates, as well as the industry in which it exists, can prove to be very beneficial to your company’s overall success.

4.  Contact the State Bar Association
In every state, there is a local bar association that monitors the lawyers practicing law within the state. All lawyers are required to register with their local bar association. You can contact the bar to inquire as to any complaints, disciplinary actions, or other issues the lawyer may have been cited or disciplined for.

5.  Check out Peer Reviews
It is always a good idea to check out what a lawyer’s peers are saying about him/her before you decide to retain their services. There are websites like Martindale-Hubbell and Lawyers.com that provide peer review ratings for lawyers throughout the US. Take a moment to review what others are saying before you decide which lawyer is the best fit for your business.

The most successful companies are represented by effective legal counsel. Because choosing the best lawyer is not a decision to be made lightly, it is important that you take time to thoroughly research prospective lawyers before you make your decision. If you’re in need of an effective, tenacious, and reliable business lawyer in South Florida, contact Schecter Law today.

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Posted in business, contingency fee, contract law | 1 Comment »

Four Reasons Every Corporation Needs a Business Lawyer

September 21st, 2009

By Mark Schecter | 1 Comment »

business-lawyer-FloridaEvery corporation, despite its nature, size or location, can benefit from having an effective lawyer that specializes in business affairs on retainer. An experienced business lawyer can provide legal assistance at every stage of your business, from the conception and organization phase, to advising you of potential issues of liability, and defending you from frivolous claims and lawsuits that could threaten your corporation’s success.

If you do not have a business lawyer on retainer, you are not alone. Most business owners do not consider hiring a lawyer until they are faced with a specific legal problem or after they’ve been sued by another party.

An experienced and knowledgeable business lawyer can play an integral role in your corporation’s success. Here are four good reasons every corporation needs a business lawyer:

1. To assist with the start-up and organization of the corporation…

One of the best times to enlist the services of a lawyer is at or before the start-up of your business. A lawyer can help you evaluate the viability of your business idea before you invest any capital. He/she can also help you choose the best structure for your company, whether a limited liability company or corporation, and help you identify any potential liability or other legal issues you may face.

2. To keep your corporation in compliance with applicable local and federal laws…

There are laws that govern practically any and every action your corporation wishes to carry out. However, because most entrepreneurs that decide to start a corporation does so with little or no legal expertise, many corporations fail to comply with laws that are applicable to them and as a result, they face fines, lawsuits and other legal actions. A business lawyer can make sure you’re aware of the laws and regulations that are relevant to your corporation, and prevent you from taking action that will jeopardize your corporation’s success.

3. To properly advise and structure partnership agreements…

As with most business partnerships, there will be times when all parties will not agree on the operations of the business, management decisions, employees, or salaries. If you are considering starting a business with another person or entity, or entering into some type of partnership, protecting your interests should be one of your top priorities. With the help of a business lawyer, you can have a partnership agreement drafted that will layout and define each partner’s expectations. By clearly defining the roles, responsibilities and expectations of each partner, you can limit the presence of disagreements and potential conflicts.

4. To prepare ironclad business contracts…business-contract-md

An essential component of any business relationship is a written, legally-binding contract. In Florida, there are three components that must be present in a valid Florida contract. If your contract lacks any one of the three components, it may not be considered valid and enforceable. Thus, the terms of the agreement that were in place to protect you and your company, can be considered null and void, denying you the very protection you sought during preparation of the contract. A business contracts lawyer can protect you from this potential pitfall by preparing an ironclad business contract that outlines the terms of the contract and possesses each of the three elements required in the state of Florida.

As with any business endeavor, it is imperative that you put forth every effort to protect your business and non-business related interests. Waiting to hire a business lawyer can be dangerous for you and your corporation. In the event a problem arises, you can better benefit from the assistance of a lawyer that you have an existing relationship with; a lawyer that thoroughly understands the ins and outs of your corporation.

Why risk your Florida corporation’s success by foregoing a business lawyer? By hiring a Florida lawyer that specializes in business law, you are one step closer to building the successful empire you’ve dreamt of. While you focus on what you do best, your business lawyer can focus on helping you protect, defend and build your corporation.

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Posted in business, contract law | 1 Comment »

Is your Commercial Lease Valid and Enforceable?

September 11th, 2009

By Mark Schecter | No Comments »

office-space-leaseOver the past couple of months, we’ve spent a considerable amount of time discussing Florida’s laws as they relate to written and verbal contracts, enforceability, and breach of contract issues.

Our topics have included essential components of every Florida contract,  what happens if a breach occurs, as well as common defenses to breach of contract claims.

While it is important to know Florida’s contract laws, understanding how those same laws are implemented and applied to every day issues is just as important, if not more.

Today, we pose the question: Is your commercial lease legally binding and enforceable in Florida if witness signatures are absent? This question was recently addressed by the Court of Appeals of Florida in Skylake Insurance Agency, Inc. vs. NMB Plaza, LLC.

The Skylake matter arose from a landlord/tenant dispute involving a Florida commercial developer, NMB Plaza, LLC.  Skylake Insurance Agency entered into a ten year commercial lease agreement with NMB Plaza. At the time the lease was executed, NMB Plaza was in the process of constructing an office building in the Miami Beach area. According to the lease agreement, Skylake was to begin occupying the office space within 90 days of completion of the office building.

The commercial lease agreement was signed by three parties; a representative of NMB, and the president and vice president of Skylake. There were no witnesses present to sign the lease at the time of execution.

At some point prior to completion of the office building, the landlord decided to challenge the ten year lease agreement. In response, the tenant filed an action before the Florida court requesting that the landlord honor the lease or in the alternative, compensates the tenant for its alleged fraudulent actions.

The landlord relied on Florida statute § 689.01 to support its claim that the ten year lease was invalid and unenforceable because it lacked the signatures of two witnesses.

§ 689.01, Fla. Stat. does read in pertinent part:

“No estate or interest of freehold, or for a term of more than 1 year…shall be created, made, granted, transferred or released in any other manner than by instrument in writing, signed in the presence of two subscribing witnesses by the party…”

As with some statutes, there are exceptions to the rules. The tenant pointed to the last sentence of § 689.01, which reads: “Corporations may convey in accordance with the provisions of this section…” as an exception to the rule.” The tenant also asserted that because the lease was signed by a representative for NMB, it satisfied the statute of frauds as per § 725.01, Fla. Stat. (2003).

The Court’s findings:

With regards to the tenant’s assertions, the court found that since the landlord, NMB Plaza, was in fact a limited liability corporation (LLC) and not a corporation the last sentence of § 689.01 did not apply to it. However, after completing an independent review of the Florida laws, the court cited another statute that did allow for an exception – § 608.425(3), Fla. Stat. (2003), which governs the disposition of property of a LLC.

§ 608.425(3), Fla. Stat. (2003) reads in pertinent part:

“Instruments and documents providing for the acquisition, mortgage, or disposition of property of the limited liability company shall be valid and binding upon the limited liability company, if they are executed in accordance with this chapter.” § 608.425(3), Fla. Stat. (2003).

The court concluded that a commercial lease “qualifies as a ‘disposition’ of property of the limited liability company,” and that there was no question that the lease was executed by an authorized representative of NMB Plaza. Thus, the signatures of two witnesses, as required by § 689.01, was not necessary to validate the ten year commercial lease.

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Posted in contract law, real estate | No Comments »

Which Statute of Limitations Applies to your Florida Case?

August 22nd, 2009

By Mark Schecter | No Comments »

monthly-calendarLast week we discussed the basics you should know about Florida’s statute of limitations law. Today, we’re going to review the standard statute of limitations associated with specific matters that often result in civil litigation.

1.     Written and verbal contracts

Some of the most common civil actions arise out of breach of contract claims. If your business has sustained financial or other damages as a result of a matter involving a written contract, the standard statute of limitations period is five (5) years. If the matter involves an oral/verbal contract or agreement, the SOL period is only four (4) years.

2.    Slander, libel and/or defamation

I often say, “It takes your whole life to develop your word and your reputation. It takes a second to lose it.”

When it comes to building a business, the last thing you need is for someone to defame or slander you or your business to your current or potential customers. If you’re a victim of slander, libel or defamation, you may have sustained damages to your personal and professional reputations, in addition to substantial monetary damages. In order to legally recover those damages, you must file a civil action in Florida courts within two (2) years of the incident or injury.

3.    Fraudulent actions of another

Unfortunately, in this economy incidents of fraud continue to rise. Although you cannot control the actions of another, you can do your very best to protect your own interests. If you’ve suffered financial, physical or emotional damages due to the fraudulent actions of another person or entity, you have four (4) years from the date you were injured to seek legal remedy for your losses.

4.    Professional and medical malpractice

Because we’re all humans, there is no shortage of injuries arising from professional or medical malpractice. You have only two (2) years to file a civil action seeking recovery for incidents of malpractice. If you fail to file a civil action within the time allotted, assuming there are no other legal exceptions applicable to your situation, you will be unable to recover damages or any other legal remedies.

The statute of limitations period is rarely set in stone and can be contingent on other factors. It is in your best interests to consult an experienced Florida attorney sooner rather than later to discuss which statute of limitations period is applicable to your claim. The most disheartening news for any injured person is to learn they cannot recover from injuries and damages they sustained due to the negligence or wrongful conduct of another person or entity.

So, if you believe you or your business is a victim of any wrongdoing, contact the attorneys of Schecter Law today to discuss which Florida statute of limitations is applicable to your case, and how you should move forward to protect your interests and your right to legal remedies.

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Posted in business, contract law | No Comments »

What you Should Know about Florida Statute of Limitations

August 11th, 2009

By Mark Schecter | 1 Comment »

If you’ve been injured physically, emotionally or financially, you may be entitled to recover damages and other civil remedies from the at-fault party or parties. However, in order to recover, your civil action must be commenced within the time frame allowed by law.

The legal time limit placed on your pursuit of recovery is referred to as the statute of limitations (or SOL). If you – the injured party – fail to file a civil action within the SOL allowed, you can be permanently barred from any legal remedies in the matter, including recovery of monetary or other damages.

Length of the Statute of Limitations Period

The length of the statute of limitations period may vary from state to state, so it’s imperative that you’re aware of the legal time limit for the type of claim you’re asserting in your state. If your injury and/or loss occurred in Florida, the statute of limitations period can range from two (2) to five (5) years, depending on the nature of your case and other factors.

When does the Statute of Limitations begin to run?

Generally, the statute of limitations begins to run from the moment an injury is sustained; however, as with most legal theories, there are some exceptions to the rule.

Factors to Consider when Calculating the SOL period

When reviewing the statute of limitations period that’s applicable to your case, there are several factors to consider. For starters, it is possible to have more than one cause of action (each with its own SOL period) as a result of one incident. Although you may be unable to recover under one cause of action, you may be well within the SOL period for another action.

Also, in some instances a business will shorten the statute of limitations period by adding a clause to a written contract with another party. This is just one example of a “legal exception” to the standard statute of limitations period that has been upheld by the Florida courts on more than one occasion.

In our next blog post, we’ll present and discuss a partial list of specific matters that may result in injuries to you or your business, as well as the Florida statute of limitations period associated with each. So, if you haven’t already done so, please subscribe to our blog’s feed so you’ll be notified as soon as we publish future blog posts.

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Posted in business, contract law | 1 Comment »

Do you have a Breach of Contract Case?

July 29th, 2009

By Mark Schecter | 3 Comments »

torn-contract

At the time you enter into a legally binding contract with another party you’re not expecting them to renege on their promises. You’re relying on them to fulfill their obligations and to perform as agreed. In fact, in most instances the other party doesn’t set out to defraud you. However, life happens, circumstances change, priorities shift, and before long you’re out of time, money and a whole lots more.

At What Point is a Contract Breached?

Generally, a breach of contract occurs under one of these three circumstances:

1. A party acts or fails to act in a way that prevents another party from performing his duties as per the contract.

2. A party refuses to perform as promised.

3. One or more parties “intend” not to perform as agreed.

Some contract breaches are more severe and damaging than others. Contracts can be breached in whole or in part. When a whole (aka material) breach occurs the injured party can ask the court to order the other party to perform as agreed, and can recover damages as well. With a minor (aka partial) breach, performance cannot be ordered although damages can be sought and recovered.

Does your Breach of Contract Case Satisfy Florida Law?

Under Florida law, not every contract breach meets the legal requirements to justify a lawsuit. This is referred to as the ‘cause of action’ threshold. If your case does not satisfy the legal requirements, you cannot file a lawsuit seeking recovery of damages sustained as a result of the breach.

So, how do you know if your case meets the threshold established by Florida law?

According to Florida state law, four elements must be satisfied in order for you to have an actionable breach of contract case. Ask yourself these four questions to see if your case meets the legal requirements:

1. Is there a legally binding contract?
You must first prove that a legally binding contract exists between the parties. Obviously, with a written contract or agreement this requirement is easier to satisfy. If you do not have a written contract of any kind, you will need to prove that the parties entered into a verbal agreement.

2. Did you perform as expected?
Before you attempt to sue another party for breaching a contract let’s first confirm you performed as agreed. Is there anything you should have done but did not do? If you fulfilled your obligations as per the agreement, consider this element satisfied.

3. Was the contract breached?
Once you’ve established that a contract existed and that you kept your end of the bargain, you must prove that the other party failed to perform, leaving their contractual obligations unfulfilled, or that he/she performed unsatisfactory.

4. Did you sustain damages due to the breach?
This last requirement is just as important as the first. A breach can exist; however, if it did not result in damages to you, you cannot satisfy this requirement. You must provide that you sustained damages (i.e. monetary loss) as a result of the other party’s breach.

If you’re dealing with a breach of contract issue in Florida and your situation satisfies the four requirements above, you should consult the knowledgeable Florida contract law attorneys of Schecter Law. In order to recover for your damages, you must act before the Florida statute of limitations expires.

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Posted in business, contract law | 3 Comments »

Common Defenses to Florida Breach of Contract Claims

July 17th, 2009

By Mark Schecter | No Comments »

Over the past few weeks, we’ve discussed the importance of operating your business with a valid contract, the essential elements every Florida contract must have to be valid, and what happens when a breach of contract occurs.

Today, we’re going to review six defenses that are commonly used to defend breach of contract claims. If you’ve been accused of breaching a contract, you’ll want to continue reading this post.

1. Statute of Limitations

In Florida, a breach of contract claim must be brought forward within five years. If not, the claim is permanently barred and will prevent the injured party from recovering damages for their loss.

2. Duress

When one or more parties are pressured, forced or coerced into a contract, this takes away the party’s free will and constitutes duress. According to the Florida court in Franklin v. Wallace, the person accused of breaching the contract can use “duress” as a defense to the alleged breach.

3. Implied Covenant of Good Faith and Fair Dealing

The implied covenant of good faith and fair dealing, which requires every party of a contract to act in accordance with the contract’s purpose, is commonly used as a defense to breach of contract claims. However, in Florida this defense will not negate the express terms of a valid contract.

4. Impossibility of Performance

When a party of a contract is unable to perform as per the contract terms due to circumstances beyond their control, this is referred to as “impossibility of performance.” In Home Design Center v. County Appliances of Naples, Inc., the court established impossibility of performance as a legitimate defense to some breach of contract claims.

5. Unconscionable Contract Terms

A contract may be considered unconscionable if the terms are unjust, unfair or outrageous. In these instances, unconscionability may be a reliable defense to breach of contract claims. In the Florida case Kohl v. Bay Colony Club, the court held that when the terms of the contract are unfair and unreasonable at the time the contract was entered into, unconscionability may be used as a defense to breach of contract claims in the Florida courts.

6. Unilateral or Mutual Mistakes

A unilateral mistake occurs when one party was mistaken about the terms of a contract at the time they entered into it. A mutual mistake happens when both or all parties of a contract were mistaken at the time the contract was signed. Under Florida law, if any party of a contract is mistaken about the terms of a contract at the time the contract went into effect, their mistake may be a legitimate defense for not performing as obligated.

If you’re being sued for breach of contract, it is imperative that you understand how to defend and protect your business and personal interests. Above we discuss a partial list of defenses that are commonly used in breach of contract claims. You should consult an experienced and knowledgeable contract attorney at Schecter Law to discuss which defenses, if any, you can rely on. Depending on the facts and your circumstances, you may find one or more of these defenses applicable to your situation. You may also find additional defenses available to you that have not been covered in this blog post.

So, don’t delay. Protect your interests today!

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Posted in business, contract law | No Comments »

When a Breach of Contract Occurs

July 13th, 2009

By Mark Schecter | 1 Comment »

A contract, verbal or written, is an essential element of any business deal. Last week we discussed the three essential components every Florida business contract must have. Today, we’re going to touch on what happens when a valid contract is present but obligations are not fulfilled as promised.

A savvy businessperson should demand a valid, executed contract prior to performing any services or offering any products. However, despite the existence of a valid contract, there will be times when a party fails to fulfill their obligations as promised.

Generally, a valid contract will conclude in one or two ways: 1) all parties to the contract will perform their duties as agreed without any problems; or 2) one or more parties will not perform or fulfill their obligations, causing a breach of the contract. The latter can result in substantial damage to the party or parties injured by the breach.

Types of Breaches

In Florida, there are basically two types of contract breaches – minor and material. A minor breach may involve failure to perform a specific term of the contract, and usually does not result in any significant damage to either party. A material breach typically occurs when a party totally fails or insufficiently performs as per the agreement. This type of breach can be so severe in nature that it terminates the entire contract, and causes substantial, irreparable damage to one or more parties.

Damages for Breach of Contract

When a breach of contract occurs, regardless of its severity, the injured party can recover damages and other legal remedies through the court. Said party can also be discharged from performing any further duties included in the contract. In essence, a breach of contract terms by one party terminates the valid contract, which in turn releases the injured party from its contractual obligations.

There are three types of damages that can be caused by minor or material breaches. Those damages include monetary damages, liquidated damages, and/or specific performance. Depending on the nature of the breach, an injured party can be entitled to recover one or more of these damages.

Whether your company has been injured by a breach of contract, or is being accused of breaching a contract, you should contact the Florida contract attorneys at Schecter Law to discuss legal remedies you’re entitled to or defenses you can rely on.

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Posted in contract law | 1 Comment »

3 Essential Must-Haves for Every Florida Business Contract

July 1st, 2009

By Mark Schecter | 7 Comments »

A contract is a legally binding agreement between two or more parties that’s enforceable by law. However, not all contracts are created equal. In fact, some contracts aren’t even valid.

South-Florida-business-contract

Contract laws can vary from state to state. A contract that is valid in California may not be enforceable in Florida. A form contract downloaded from an online source, although properly formatted and full of legal terminology, may not adhere to the contract law requirements in the state in which you operate your business. As a businessperson, it is imperative that the contracts you’re relying on to protect your business are doing just that, and not leaving your company vulnerable.

Under Florida law, a contract must have 3 essential components to be considered valid and enforceable. Those components are:  an offer, acceptance of offer, and consideration. Let’s take a moment to discuss each must-have component below:

1.    An offer

The first required component of a contract is the offer. An offer is a written or verbal statement of either party indicating their intention to act upon acceptance. An offer can be renegotiated, withdrawn or rejected at any time prior to acceptance. However, once the offer has been accepted and the contract signed, your company’s considered a party to the contract and will be obligated to perform or not perform as agreed.

2.    Acceptance of the offer

The second required component of any Florida contract is acceptance of the offer. Once an offer has been presented, all parties to the contract must fully and openly accept the offer. An offer can be accepted in writing, verbally over the phone, or via the U.S. mail. In the latter, the offer is deemed accepted from the moment the mail is placed inside of the mailbox; not from the time the recipient receives the mail.

Oftentimes, in response to an offer, a party will suggest revisions or attempt to change the conditions of the original offer. In these instances, the original offer is considered rejected, and the revisions and/or new conditions are deemed counter-offers.

3.    Consideration

The third must-have component of a contract is consideration. Consideration describes the value that will be given to the parties of the contract in exchange for their performance. There are various forms of consideration including, but not limited to, money, services, and tangible items. Without consideration, the performances promised in your contract are merely gifts. In order to satisfy the validity threshold, your Florida business contract must evidence some form of consideration on behalf of all parties involved.

As a business owner, you’re probably no stranger to contracts. Regardless of the nature of your business, doing business with an ironclad business contract can prove to be essential to your company’s success. With the decline of the U.S. economy and rise in the number of breach of contract claims, now is the time to reevaluate the contracts you’re using to protect your business.

The business law attorneys of Schecter Law have decades of experience negotiating contract terms, drafting ironclad contracts for small and large businesses, as well as defending and enforcing contract terms. So, there is no need to go it alone. Retain a South Florida firm of experienced contract attorneys that specialize in business law to prepare ironclad business contracts that will protect your interests and your business.

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Posted in contract law | 7 Comments »

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