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“A Deal is a Deal”: Things to know before entering into a contract

July 28, 2020 by in General

People enter into contracts on a daily basis.  Sometimes, we read the contracts and sometimes we don’t.  Always remember you can (and likely will) be held responsible for any contract you agree to (verbally or in writing).

  1. Prior to Signing: Review It

It is important to read written contracts prior to signing.  If you are entering into an oral agreement, make sure you understand it before you agree.  Often, prior to signing a contract, people will contact Light Path Law, P.A. to have the contract reviewed. This allows a lawyer to point out issues and concerns of importance.  From there, the individual can decide to enter into the contract (or not).  The cost to review a contract is significantly less than litigation expenses if a lawsuit is filed based upon contract law.

Some of the contracts we’ve reviewed prior to our client’s execution include but are not limited to:

  • Employment offers
  • Contracts for settlement
  • Severance agreements
  • Large purchases including real estate
  • Franchise Agreements and more…

After we review and analyze the contracts, our past clients have either felt confident in moving forward or have sometimes decided to cancel the contract. 

  1. Comply with the Terms…

Prior to entering into the contract, you should understand the terms.  Make sure you know what each party to the contract is responsible for doing (or not doing).  So, once you enter into it, you should make sure that you comply with the terms of the contract to limit future liability.  Using your calendaring system can help you comply with the terms of the contract.  For example, if payments are due, use a reliable calendaring system to note when payments are due.  You can also set reminders in your phone, computer or calendaring system to remind you to comply with the terms.  Be aware that after entering into the contract, each party is responsible for fulfilling their obligations unless there is a legal excuse not to.  So, be sure that you comply with the terms.

  1. If a contract dispute arises…

After entering into a contract, if a dispute arises, refer back to the terms of the contract to confirm whether the contract has been breached.  Also, determine whether there is a legal excuse for the contract to be avoided.  These reasons are few but include fraud, illegality, mental or age incapacity and mutual mistake. 

In the event a contract is breached, you (or the non-breaching party) may be entitled to damages, specific performance (where the court orders a party to do or not do something), cancellation and/or restitution (repayment of certain monies).  A lawyer can help you understand your remedies and rights, so consider scheduling a consultation to determine your next steps.  After all, “a deal is a deal”.  Therefore, you should learn and understand your rights and responsibilities if facing a contract dispute.  Our office is knowledgeable regarding contact law and happy to answer any questions you may have.