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Creating a Contract – 4 Things You Need to Know

Running a business is stressful enough without the added headache of writing a contract that, in the event of a lawsuit, will hold up in court. A business contract is a common legal transaction – and the key to creating rock-solid business agreements. However, without the assistance of an expert in business law, your contract can fall flat.

Florida Business AttorneyIf you need assistance in writing or enforcing a contract, contact an experienced Florida business attorney at the Law Offices of Peter M. Feaman by calling (561)-734-5552. Our team is dedicated to your success and legal standing.

Let’s start by outlining some of the things you need to know before creating a contract for your business.

#1: What Is a Contract?

A contract is a legally enforceable agreement between two or more parties. It establishes a requirement to do something – such as meeting deadlines or answering phone calls. A contract can be established between two people, businesses, corporations, or a mixture of legal entities.

#2: What Laws Govern Contracts?

While some business regulations are based on federal law, contracts are typically enforced by the laws in the state where the initial agreement was made. This is known as Common Law – an evolving set of laws collected from court decisions over the years. Some contracts, however, are governed by the Uniform Commercial Code (UCC). This federal law controls all contracts that are made solely for the sale of goods.

#3: How Does a Contract Become Legally Enforceable?

According to business law, every contract must have three elements:

  • Offer – The terms of this offer must be definite and expressed clearly by you, the business owner.
  • Acceptance – An expression of the accepting party’s agreement to your offer.
  • Consideration – A legal term for “exchange.” For a contract to be valid, some form of value must pass from one party to another.

#4: What Types of Contracts Exist?

The most common contract forms in business law including:

  • Bilateral – A mutual exchange of promises between parties. Each party must receive a promise and make a promise in return.
  • Unilateral – An exchange in which you, the business owner, request performance rather than a promise from the person accepting your offer. This could include a “reward” that exchanges information for cash.
  • Express Contract – An agreement formed by explicitly written or spoken language. The vast majority of your agreements should be made this way.
  • Implied Contract – An agreement formed by behavior showing an intent to enter an agreement, even if no obvious offer or acceptance has been made.

Contact an Experienced Florida Business Attorney for Representation

Are you interested in creating a contract? Contact an experienced Florida business attorney for assistance. At the Law Offices of Peter M. Feaman, we take pride in answering your questions, completing paperwork, and ensuring legal requirements are met. With our assistance, you’ll have time to focus on what matters most – your business. Call (561)-734-5552 to schedule a consultation.