An experienced commercial contract attorney with sales, leasing, NDA, SEC compliance, corporate governance, commercial real estate and professional experience. Also well versed in internal and external policy documents and manual creation. We explain what makes a contract legally binding, including the necessary elements, what to do if something is missing from a contract, whether an invalid contract can be repaired, and much more. Offers subject to an expiry date – called option contracts – are usually price-oriented or give the buyer the opportunity to reconsider the decision without fear of losing to a competing buyer. It is important to understand that a seller may charge a fee for option contracts. For example, if you decide to give a buyer 30 days to think about a purchase, you can charge them. This usually happens when the product or service is of high value or when the seller promises not to sell that product to another customer during this 30-day option period. Similarly, a seller can only revoke the offer at the end of this 30-day period. Most business transactions are based on this exchange of promises. However, the act of work can also fulfill the rule of exchange of value. For example, if you enter into a contract with a supplier to provide you with X and Y, but you decide to add Z to the final delivery vessel, the supplier can create a binding contract by actually performing Z – something you can`t dispute or know if you change your mind.
Similarly, I have led several M&A teams through buying and selling processes, including due diligence and contract negotiations. Finally, I have extensive experience reviewing contracts in all areas, including debt and equity financing, health payer contracts, provider and employment contracts, and service and supply agreements. A legally enforceable agreement between two (or more) parties, often an exchange of goods or services, is called a contract. A contract can legally be made through an oral agreement and a handshake, but written contracts – whether in ink on paper or digital – are always preferred because they include a record of the agreement and the signatures of the parties. If the promise contained in the contract cannot be enforced by a court, it is usually because the contract does not contain the necessary elements, making it an unenforceable promise or a non-binding contract. The moment when the two parties reach an agreement can be a bit unclear. For example, many companies present a standard contract template to an independent contractor and expect it to be signed without discussion. At present – and the law is clear in this regard – a legally valid contract exists only if one party makes an offer and the other party accepts all the terms of that offer. In this example, the contractor is always free to refute any of the points of the contract and make a counter-offer until an agreement has been reached. My practice involves advising companies and individuals on a variety of contracts, such as business creation, technology/intellectual property, real estate, leases, and even domestic relationship agreements. A large part of my practice is dedicated to litigation.
Therefore, I approach contract and transactional work from a litigation perspective by advising clients on the risks associated with not having appropriate contracts. It takes more than just a knowledge of the law to be a good lawyer. A good lawyer is honest and accommodating with clients and has a philosophy of advice. And for me, a good lawyer is in the client`s shoes when they think about how best to serve that client. Whether my client is a company or an individual, I am passionate about helping my clients understand their rights, responsibilities, risks and opportunities. Online agreements are unique in that users do not enter the terms they must accept. However, with a combination of clarity and transparency, you can ensure that your online agreements remain legally binding. A legally binding agreement is any contract with agreed terms that involve actions that are necessary or prohibited.
Traditionally, contracts deal with the supply of goods and services for payment, although they may also reflect exchange situations that exchange services or goods. The promises made by the parties must be secure and the wording of the agreement must not suggest discretion. This is achieved by using definitive language such as “Party A will sell the house” instead of “Party A may decide to sell the house”.