Contract Formation
Business Formation
W
hen you are planning to start a new business or forge a new partnership, contracts become necessary. Contract formation is a complex legal process that requires a business legal expert well versed in contract law. Navigating the various legal questions and considerations requires experience in business law to ensure an equitable and valid contract.
Attorneys with expertise in contract formation can help to protect your business interests long-term. Do not attempt to develop a formal business relationship or start a new venture without consulting a contract formation lawyer.
Oftentimes, business owners do not have experience in considering all of the possible legal implications in the formation of a contract. This is why finding a knowledgeable and skilled contract formation attorney is so important.
At Farrow Law Firm, our qualified legal professionals will work hard to ensure that any contract you sign protects your interests. We have the experience necessary to help you determine the risks and benefits of a specific contractual agreement and ensure the terms of the offer reflect what was agreed upon between the contracting parties.
If you need a contract formation attorney in the Broward or Miami areas, contact Farrow Law Firm. We have a passion for fairness. Our Florida business lawyers will guide you through the process to form a contract that will work for you.
Understanding Business Contracts
Business and commercial contracts typically have three phases. First, all parties negotiate the terms of the contract. Secondly, the parties come to an agreement about the key terms. This can be done in writing or orally. Finally, parties must execute the terms of the contract.
After a written contract has been signed, all the relevant parties are legally required to perform the terms of the agreement. If one party fails to perform the terms, this constitutes a breach of contract. Often, breaches of contract result in litigation.
Formation of an Enforceable Contract
Business contract formation usually involves negotiations before the agreement is executed. Only certain contracts are valid and enforceable by law. The requirements for an enforceable contract include:
Specific Offer and Acceptance
For a contract to be enforceable, the initiating party has to make a specific offer. The other party (or parties) must accept the offer that the initiating party presents. Both the offer and the acceptance must be clear and definite.
Consideration
Something of value must be exchanged by those who are entering into any legally enforceable agreement. Consideration is a requirement for an enforceable contract. Some typical examples of consideration include:
● Return promises
● Real or personal property
● Forbearance (agreement not to exercise a certain right)
● Taking a specific action
Speaking with an experienced contract formation attorney will ensure that the consideration in question is in your best interests.
Legality of Purpose
A contract that is formed for an illegal purpose is unenforceable. The accomplished lawyers at Farrow Law Firm will help to ensure that your agreement is in compliance with any relevant Florida statutes.
Capability
Everyone who is party to the agreement must be capable of legally entering into a contract. For instance, minors are unable to form legally binding contracts. Also, someone who is mentally incapacitated cannot form an enforceable legal agreement.
Mutual Assent
For a contract to be enforceable, all relevant parties must understand and intentionally agree to the essential terms. If one of the parties does not comprehend or agree to the terms, a contract is unenforceable.
Finding a Trustworthy Contract Formation Lawyer
Whenever you are entering into a binding agreement, trustworthy legal advice is invaluable. You deserve to know that all of the terms of the contract are working in your favor. No employer or entrepreneur wants to sign a contract, only to later discover negative ramifications for their business interests. A skilled attorney can help you to anticipate and avoid future legal disputes.
Commercial litigation is incredibly costly, both in terms of time and money. In many cases, litigation can be avoided by ensuring that any contract you sign protects your interests.
In many cases, the initial offer presented for contract negotiations is insufficient. Our contract formation lawyers can help you to develop counter offers that work to your advantage. At Farrow Law Firm, our expert business attorneys will negotiate on your behalf to make sure original offers or oral contracts are represented in good faith in the terms of the contract.
No matter what type of business contract you need to draft, we can help. Common types of business agreements include:
● Partnership agreements
● Equipment and property leasing agreements
● Employment contracts
● Nondisclosure agreements (NDA’s)
● Indemnity contracts
● Bills of sale
● Security agreements
● Purchase orders
● Independent contractor agreements
● Noncompete agreements
In some cases, these contracts are simple and easy to understand. However, even if the content of the agreement is simple, the legal implications might not be. To ensure the best outcomes from specific contract formation, consult with a legal professional.
Contract Formation Attorneys in Broward and Miami, Florida
At Farrow Law Firm, we work judiciously to ensure fairness for our clients. We offer a flat-fee payment structure, so you will never be met with unexpected hourly billing.
We have the determination and experience necessary to negotiate on your behalf. When you need to form a contract that protects you, settle for nothing less than exceptional legal representation. Reach out to the business contract formation attorneys at Farrow Law Firm today.
