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Consideration in Contracts

We all know that business deals involve careful consideration of company finances, risk, and potential gain. But the contracts underlying those deals involve another form of consideration—something that demonstrates each party has a stake in the outcome. In fact, contracts are only legally binding if there is consideration (along with an offer and acceptance, as […]

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Understanding Contracts: The Sports Contract

When most of us hear about our favorite pro athlete signing with a new team, we see dollar signs. Mike Trout’s $426 million contract with the Los Angeles Angels makes for good conversation at any happy hour. And then there’s the lawsuit recently brought by the U.S. women’s national soccer team against the U.S. Soccer […]

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The “Simple Contract”

If I earned a nickel every time someone asked me to provide a “simple contract,” I would be a rich man indeed. The problem is, when most people think of “simple contract,” they think a short, one-or-two page document, that protects their interests, without getting them into trouble, and without having to spend any time […]

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The Contract: Details are Important

Let’s say your business is expanding quickly and you are looking to hire a new employee. You are busy managing the day-to-day, so you don’t really have time to interview. You decide your best option is to hire someone from a temp agency. You contact an agency, and the contract they give you says that […]

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What is Consideration in Contract Law?

In previous blog articles, we talked about Exceptions That Can Void A Contract and How to Get Out of a Contract. Both of these articles touch on a very important aspect of contract law that is often overlooked by small business owners: Consideration. Definition Consideration under contract law is defined as a bargained for exchange […]

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A Contract Can Save You from a Bad Actor

We keep a freshly stocked box of tissue on every conference table in our primary offices in Albuquerque. The reason for this, is when someone comes into our office, it’s usually because something bad is happening to their business. It can be many things, but we commonly see businesses dealing with a bad actor who […]

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Contract Tip: Indemnity Clause

They say a picture is worth a thousand words. If you’re a business leader, and you’ve hired a vendor to repair something outside your premises, requiring a contractor and a ladder … what does this picture speak to you? An Indemnity Clause may be the only thing protecting you from liability. An Indemnity Clause represents […]

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