It is important to get your agreement in writing. While a verbal agreement sometimes may be enforced, the terms may be understood differently by the parties which often leads to litigation. Putting a contract in writing helps clarify that understanding. A contract is defined as an agreement between parties creating obligations that are enforceable by law.
A contract is enforceable, meaning that if one party thinks there has been a breach in the contract, they could take it to court and could file a lawsuit. Take, for example, this famous lawsuit filed by Nike. Having a contract clearly defines certain parameters and protects both parties. For a contract to be valid, certain specific criteria must be met. So before you go and draw up your own contract, it’s smart to meet with an attorney who is experienced in this area of law. They’ll be able to guide you through what constitutes a contract and help you create one. This can help protect you from potential legal issues in the future.
If you need some guidance through the process of creating a contract for your business, get in touch with one of our experienced business law attorneys at Hillyard, Anderson, & Olsen. Give us a call at 435-752-2610 to schedule an appointment.