A contract is a binding legal agreement where the parties to the contract agree to do or perform certain things. If a party to the contract fails to meet the obligations set out, the remedy is enforceable in a court of law. A contract is not something that should be drafted by anyone not familiar with contract law and the ramifications of the terms contained within the agreement.
Some of the more common types of contracts include:
- Sale contracts for residential or commercial real estate;
- Lease agreements;
- Financing agreements, including mortgage loans, car loans, equipment loans, etc.
- Business merger or acquisition agreements;
- Non-compete agreements;
- Employment contracts;
- Receivables factoring agreements;
Whether you need to create a contract to protect your rights or have been asked by another party to sign a contract, you would be well-served to have a contracts attorney create or review the agreement to ensure the terms are all legal under state and federal law, and to make certain your rights are protected.
A note about binding arbitration: many large consumer companies have started including binding arbitration as the sole remedy to resolve contract disputes. We have also seen in many cases that these agreements allow the company to choose the arbiter. This essentially means the company that wrote the terms of the agreement controls who hears and rules on any dispute you might have with them; the fact that it is binding means you have no other recourse. You should talk to an attorney if you see a binding arbitration clause such as this in any agreement you are asked to sign.
While there are online legal services out there that offer “standard” contracts, these may not be sufficient to protect your rights. Brinkley Walser has business attorneys with experience in all facets of contract law who can meet with you so we fully understand the specifics of your situation and then provide the insight and knowledge that will allow you to have a fair and binding agreement. Contact us today at (336) 249-2101 or online.