Familiarizing Common Business Contract Disputes
Since contract construction involves certain processes, it can often be lengthy and should be carefully constructed. A valid and enforceable contract requires three major elements such as:
· Offer: One party must undertake to do or refrain from doing some specified thing in the future, conditioned on an act, forbearance, or return promise given in exchange.
· Acceptance: The agreement by one who receives an offer, either expressed or implied, to the terms of the offer.
· Consideration: It could be an act, a forbearance, or a return promise (or payment) for the goods or services that are bargained for and received by each party to a contract.
Likewise, it is indeed very vital to learn the following instances where common business contract disputes usually take place.
Issues with drafting and reviewing a contract
Oftentimes, unrealistic expectations, non-existent contingency plans, and lack of attorney oversight are most likely the primary causes of business contract disputes. Glitch and ambiguity regarding the terms and conditions are hereby resolved if all major transactions, as well as their precise, effective, and just contract provisions, are duly reinforced.
Keep in mind that a very minimal contract mishap can bring you to a thousand to a million dollar lawsuit.
Offer and acceptance disputes
Though a contract encompasses an initial offer and acceptance of the offer, these elements can also be in dispute. Say, for example, the terms were deemed indefinite or the purported offer was intended to be an advertisement or a request for bids, the party may dispute the offer. Meanwhile, the acceptance can be disputed if it’s not timely, the offer is withdrawn, or if it is considered to be a counter-offer.
Existence of unilateral mistakes or errors concerning the terms of the contract
Contrary to bilateral mistakes where both parties initiated a wrong move, unilateral mistake refers to an error that is held by only one party and not shared by the other party, thus leading to different types of contract remedies like contract rescission or reformation.
On the other hand, since any vague or ambiguous language should be avoided, the definition of a technical term should always be clearly stated and understood by both agreeing parties just so to avoid unwarranted disputes in the long run.
In the event of fraud and coercion
If there is no “meeting of the minds” or mutual agreement, say a person is merely enforced, misled, or deceived into signing the contract, then it could be contested and used as a strong defense. In most fraud and misrepresentation cases, the defrauded party may rescind the contract and file a lawsuit against the wrongdoer for damages, protecting his or her own right.
Hence, should there be conditions of coercion, canceling the agreement in its entirety remains an option. This releases both concerned parties from their obligations to perform any contract duties as stated in the agreement.
The Importance of Hiring a Competent Contract Lawyer
Generally speaking, poor communication between the concerned parties and limited understanding of the contract itself constitute contract disputes Las Vegas. And the only way to avoid these troubles is through working with a qualified contract attorney who could best deal with all significant issues concerning your contract. His or her expertise can help you come up with the most feasible and favorable dispute resolution for your personal and business needs.
Since every contract dispute is unique, your lawyer will have to tailor specific solutions that will adhere to all your concerns. Likewise, he also needs to devise the most reliable course of actions that can best uphold and protect your interests and of your business.
Working with you closely, your preferred contract lawyer in Las Vegas can reasonably assist you with the following – but not limited to – contract disputes:
· unfair enrichment, knowing receipt, and dishonest assistance
· breaches of confidence, trust, and breaches of fiduciary duties
· sale and supply of goods and services
· offer and acceptance disputes
· technical term disagreements
· agency, distribution, and franchise agreements
· mergers, acquisitions, and joint ventures
· exclusion and limitation clauses
· warranty and indemnity claims
· restrictive covenants
· economic misdemeanor
· fraud and coercion
· trade finance
· retention of title
All these contract disputes may seem complex in nature; however, once you’ve started the deal with an eligible legal counsel to assist you, expect that everything becomes right, legal, binding, and of course, worry-free. Because if you don’t, such deal can cause you not just thousands to millions of dollars but also much of a headache in the future. The bottom line is to hire the professional services of a competent contract lawyer and you are spared from all these contract dilemmas.
Las Vegas Dental Malpractice Attorney Dan Lovell of Empire Law Group, providing services for contract disputes, HOA Actions, Real Property, Business Litigation, Defamation, Slander and Wrongful Termination. Contact us now to find out if you have a case.