Nearly all financial relationships are built on the formation of contracts. The law allows for contracts to be made in a variety of forms. Importantly, most contracts are not required to be in a formal, signed written document; often, contracts are not required to be in writing at all.
While contracts may be simple to form, contract litigation is often much more complex. Whether the parties have fulfilled their obligations under a contract can be a difficult question for Courts to answer. This is particularly true where there is ambiguity in the terms of the agreement or lack of proof that an agreement ever existed in the first place.
If you can, the best practice is to consult an attorney to assist in drafting a written contract on the front end. This will likely save you time and resources that could arise from future litigation. If a dispute does arise regarding a contract, it is recommended that you consult an attorney to understand your rights and obligations. The laws governing contracts have various booby traps and loopholes that you need to be aware of and prepared to defend. Our firm has the ability and experience to assist clients in contractual matters to limit liability exposure and protect their rights.
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