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Contracts Hold Significant Legal Weight, Be Informed

Business contracts can be confusing. Are verbal contracts legally binding? Do I have to sign specific paperwork to put a contract in effect? What are the rules in a verbal contract? All of these questions, and more, come up constantly when discussing contract law in Florida. It is best to discuss these matters with a qualified, experienced business law attorney to find answers. Do not go rushing into a business contract without consulting with an attorney. The money spent on an attorney pales in comparison to breaking a contract. We know; we see it every day in court.

What makes a contract legally binding?

Contracts are more complex than just a verbal agreement. People associate a verbal agreement and handshake as a legally binding contract. In most cases, this is true, but in other cases it is not. The essential terms of a contract must be agreed upon: price, time for performance, the performance required, are just a few of the essential elements. An oral contract has the added burden that you have to be able to prove its terms and the added requirement that it must be able to be performed in less than one year (Statute of Frauds). Did you know that you cannot legally enter a contract for an illegal or impossible act? It is also not legal to enter into a contract with a minor in any capacity. Contracts have legal guidelines that must be met before a it becomes legally binding. Every state has nuances that define a legally binding contract, and that is why it is important to understand the law of contracts in your specific county and state. What is considered a legally binding contract in Florida, may not be legally binding in Alaska. It is best to contact legal counsel who has experience with contracts and business law to discuss in further detail.

What are my legal responsibilities in a contract?

It depends. That’s why it is important both parties have the capacity to enter into a contract. If either party does not have the capacity to enter into a legally binding contract, then that contract can not be held up in court and neither party has any legal responsibilities towards the other. Not understanding this can lead to problematic situations where one party is left out to dry because he or she did not completely understand contracts and business law in Florida. Contact proper legal counsel to understand your legal responsibilities in a contract. Most lawyers will discuss details of a business contract at a nominal fee.

How do I legally change a contract?

You amend the contract with whom you originally made the contract. You cannot change the terms at your leisure (unless the contract specifically says that). It takes all persons involved agreeing to the new terms and then legally amending the contract to reflect the new terms. More than likely, legal counsel is already involved in the amendment process, but if not, it is advised to get legal counsel involved when amending contracts of serious nature because legal terminology can cause confusion. The proper way to address confusion is to seek experienced legal counsel.

Contract law is complex. Do not attempt to tackle the complexities by yourself, because it will be a giant waste of time, money and effort on your part. Contact the professionals who deal with this sort of stuff on a daily basis, experienced attorneys. We are the type of professionals who help when it comes to business contracts.