Without a contract in place, entering into a business deal may be unreliable. Not only would it make it difficult to hold the other party to the terms of your agreement, proving that the contract has been broken may be far more difficult than a written document. There are a number of reasons to draw up an official document rather than making a deal based on a verbal agreement and a handshake. Valid contracts are composed of several key items and an experienced contract attorney from Naperville can help ensure nothing is missed. Having a clear understanding of when a contract has not been upheld may be key when determining when to contact an attorney. The Law Offices of Konrad Sherinian have the experience and dedication to work through contracts to ensure they are valid, as well to explore if there has been a breach of contract.
There are a number of times when two or more people may enter into a verbal contract with one another. At times this may be an attractive option for smaller less formal deals. However a contract attorney from our Naperville office will explain, if a deal falls through that was based on a verbal contract alone, it may be far more difficult to prove should you take legal action. When a written contract is in place, it can be far easier to enforce. In order to do so, you will need to gather any evidence that may prove there was an agreement in place. This may include emails, text exchanges or voicemails. Although there may be situations where a verbal contract is binding, there are certain types of contracts that are not valid with a verbal agreement alone:
- Real Estate Sales
- Leases that are more than one year
- A contract that will take more than one year to complete
- A sale over the amount of $500
- Transfer of property upon someone’s death
If you have recently made a verbal business deal, it may be a good idea to put your agreement in writing. This may be helpful in the event that the other party does not uphold their end of the deal. You will have clear documentation to prove that there was an agreement in place. If you are in need of having a written contract created, contact a Naperville contract attorney today.
Key Elements to a Contract
Whenever possible you should always put important agreements in writing. When drawing up a contract, it’s vital that your contract incorporate several key elements. Putting an agreement into writing, can help you in the event that you must clarify components to the contract further down the road. If one party is not fulfilling their end of the deal, you have a document that may remind them of your agreement. The following are key elements when drawing up a contract:
- The Offer
Depending upon the significance or complexity of the contract you are drawing up, it may be necessary to obtain the services of a contract attorney from our Naperville office. Not only do they have the ability to write the contract for you, they can also ensure that it is free from loopholes and works to your best interest.
It can be a real headache to have entered a business deal or contract with someone who has not upheld their end of the deal. Knowing the best course of action may feel confusing or overwhelming to someone untrained in business law and contracts in particular. A contract attorney from Naperville may be particularly helpful in mapping out the proper course of action based on your particular situation. Contact the Law Offices of Konrad Sherinian today to schedule a consultation for your contract needs.