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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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The Liquidated Damages Clause

When, as a first-year law student, I learned about liquidated damages clauses in my contracts class, I thought they sounded like a magical tool that would prevent anyone from ever getting stiffed in a deal. And to a certain degree, liquidated damages clauses do provide a measure of security. They certainly can be a useful […]

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Buying an Existing Business?

If you are presented with the opportunity of buying an existing business, you may be attracted to the idea of walking into an income-producing business with a great location, a good reputation, and loyal customers. The price is something you can manage, and the owner says he is selling the business because he wants to […]

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#5- Breach of Contract- Part 2: The Most Common Lawsuits Filed Against Small Business Owners

Breach of contract means just that; a contract has been “breached” or broken.  There are varying degrees of breach ranging anywhere from no performance at all to some/minimal performance. Lets break the concepts down to their most basic elements and examine them further. There are two common forms of breach; anticipatory breach and actual breach.  […]

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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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Contract Tip: What is a Counterpart Clause?

Boilerplate contract terms are often overlooked, and in some cases, this can be dangerous. A counterpart clause is one such often overlooked contract term. While I would hesitate to classify it as “dangerous,” understanding what the clause means and does is helpful in understanding your duties and obligations under the contract. The Counterpart Clause To […]

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Contract Tip: What is Force Majeure?

Contract law is rife with terms of art which can be very confusing to the average business owner. In our previous articles, we have tried to shed some light on terms like Consideration, Indemnity, and Merger. This article will address a term whose definition may not seem intuitive at all, Force Majeure. Hint: If the […]

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Contract Tip: Attorneys Fees

The notion of the concept of “attorneys fees” sounds so self-serving coming from the fingertips of this small business lawyer. The thing is, if a contract has a fair-and-balanced “attorneys fees provision” in it, such a clause greatly reduces the risk of a long, expensive and protracted lawsuit in a dispute. Furthermore, it greatly increases […]

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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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