What Every Businessperson Needs to Know About Legal Issues in Contracts
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Don't sign another contract until after you've learned this information.Most businesses enter into contracts thinking they know precisely what they want to accomplish and what they have agreed to. All too often, this is not actually the case. Written agreements may not reflect what a business believes it negotiated. Parties may later recall terms different from what seems to be reflected in the initial agreement. And all too often, the legal boilerplate terms turn out to matter in ways never considered by the parties. This topic will help you avoid many of the common problems that can lead to expensive litigation by addressing these and other fundamental issues in contract negotiation and execution. This information will address some of the hidden issues in contract negotiation and execution that, once you recognize them, you can use to your advantage in reaching beneficial business contracts.
AuthorsSean R. Smith, Taylor English Duma LLP
Negotiation vs. Striking a Deal
• Letters of Intent
• Oral Representations
• When Do We Have a Deal?
Written vs. Oral Contracts
• How Important Is a Written Contract?
• Does It All Have to Be Written Down?
• When Is a Handshake Enough?
• What Terms Did We Really Agree to?
Boilerplate Provisions Do Matter
• Choice of Law and Choice of Forum Clauses
• Arbitration Clauses
• Severability Clauses
• Cooperation Clauses