Why does my business need a contracts lawyer?
- posted: Aug. 18, 2021
Your business needs a contracts lawyer because business is self-interested. Regardless of the size of your business, and whether you deal with individuals or other businesses, every business sells. Every business either sells goods or services, and therefore every business sells its ‘product.’
Regardless of what your business’s product is, the people and businesses you will deal with are self-interested. Sometimes, that just means they want to negotiate to try to save a buck. Other times, they will engage in unscrupulous behavior by treating your business unfairly.
In order for a contract to be valid, it must contain the following 4 elements:
- Offer- The Offering Party promises to do something (i.e., buy or sell a product) in the future.
- Consideration- The Non-Offering Party receives something of value (i.e., money or a purchased product) in exchange for the Offering Party’s future promise. Consideration is what distinguishes a transaction from a mere gift.
- Acceptance- The Non-Offering Party unambiguously accepts the offer, in return for the consideration. Any change to the offer is considered a brand new offer (or a counteroffer), meaning that an acceptance which is conditioned on something being added or removed from the offer is NOT an acceptance!
- Meeting of the Minds- Both parties to the contract must understand and agree to the terms of the contract. When a contract is in writing, Florida law assumes that all parties understood and agreed to the written contract.
- Written Not Always Required- A valid contract does not always need to be written and signed. However, under some circumstances, an unwritten contract may be entirely unenforceable. Additionally, we advise our clients that a contract always should be written and signed.
These are only the most basic elements of a contract. However, Florida contract law takes many twists and turns depending on each factual situation. In addition, there are certain transactional agreements which MUST, by law, be in writing in order for them to be enforceable.
If you currently do business in Florida, you should have contracts for all transactions. Most contracts do not need to be lengthy documents with confusing legal terms, and many can be a page or less. However, it is important to understand which transactions require a more complex contract, and which transactions may not.
The safest way to determine your business’s needs is by contacting a Florida business attorney. Romaguera Law Group offers 100% FREE consultations and evaluations.
Romaguera Law Group represents many small- to medium-sized businesses in the State of Florida, and we follow the same general goals with each contract:
(1) Contract protects the client to the fullest extent plausible;
(2 )Contract discourages the other party from suing the client;
(3) If the client has to file a lawsuit, the Contract language should make that lawsuit simple, quick, and efficient; and
(4) When the client wins the lawsuit, the other party must reimburse the client for its attorneys’ fees and court costs.