About Contract Laws
Contracts are vital to business and commercial relationships. Whether written or oral, legally binding contracts contain five basic elements. Bassett Law Firm attorneys are prepared to work with you and your business to ensure that your contracts include these elements, defend your interests should there be a breach of contract, or help you discover whether a contract you are being held to contains these essential elements.
In order for a contract to be legally binding, these five elements must be at play:
Agreement – consists of an offer and the offer’s acceptance
Exchange – both parties must benefit or compromise in some way
Understanding – parties must understand that this is a binding contract
Free Will – parties must not have been forced or misled to participate in the agreement
Lawful – the contract must not involve unlawful activity
If you have questions about the validity of a particular contract, don’t hesitate to schedule a consultation with a Bassett Law contracts attorney.
Contract Law Consultations
The commercial and business law professionals at Bassett Law Firm are equipped to provide legal counsel with regard to any type of business transaction or contract.
- Business acquisitions
- Business mergers
- Business sales
- Business purchases
- Construction financing transactions
- Construction development contracts
- Franchise agreements
- Joint-venture agreements
- Operating agreements
- Partnership agreements
- Product warranties
- Real estate leases
- Real estate purchases
- Real estate zoning issues
- Real estate land use
- Sales-related contracts
- Shareholder agreements
Commercial Contract Laws
The majority of business and commercial contracts are under the governance of state law. Something called the Uniform Commercial Code (UCC) is typically implemented in part or in whole by state governments. The UCC establishes the laws regarding the sale of goods.
Our team is ready to help with contract law issues regarding the commercial contracts pertaining to retail products or parts, the provision of services (vendor services), and intellectual property issues, such as patents, copyrights, trademarks and trade secrets.
You and your company may have existing contracts that need clauses added. Bassett Law Firm attorneys can help you know which clauses are best for your situation. Here are a handful of common clauses that this may include.
- Acceleration Clause – allows the demand of full contract performance in the wake of a contract violation
- Arbitration Clause – sets forth that arbitration (rather than litigation) will be used to resolve contract disputes
- Attorney Fees Clause – other party pays for attorney fees
- Choice Of Law Clause – determines which state laws will be used to interpret the contract
- Indemnification Clause – releases from liability if capital losses occur
- Liquidated Damages Clause – allows compensation for damages
- Merger Clause – overrides previous contracts and agreements
- Non-Waiver Clause – party does not waive their full rights by accepting something lesser at a given point
- Statute Of Limitations Clause – sets time limit for suing for contract violations
Contact Bassett Law’s Contract Attorneys Today
Whether you’re in need of help drafting an original contract, adding clauses, enforcing existing contracts, or defending your interests in contract litigation or arbitration, the team at Bassett Law Firm is distinctively equipped to help. Call the Bassett Law Firm LLP today at 479.521.9996 or fill out the brief contact form to schedule a consultation. Our firm is located in Fayetteville, Arkansas and has experienced attorneys with the knowledge to meet your needs in Oklahoma, Missouri, and Arkansas.