While we have discussed broken contracts and agreements in detail on this blog, there are several other legal issues that business owners are susceptible to on the road to success.

Lets discuss three common disputes you will want to protect your business from:

1. Employment Disputes

Employment is a complex area of law. Three disputes that often lead to lawsuits are discrimination, sexual harassment, and workers compensation claims. There are others, including wrongful termination and trade secret issues involving current and former employees, that you may be forced to deal with.

2. Breach of Contract Disputes

A written contract is a legally binding agreement. The parties are obligated to perform services and provide products as promised. Unfortunately, contracts are not always honored. While some end amicably, others are breached. Those broken agreements can cause your business to lose money and force you to file a lawsuit to recover your damages.

3. Business-to-Business Disputes

There are many advantages to building business-to-business relationships. When they are on one accord, two or more companies can support, strengthen and generate word-of-mouth buzz for each other. However, those same relationships can get messy when disagreements come into play. These types of disputes can lead to costly litigation that is not beneficial for either business.

Learn how to put contracts in place that will protect your business and reduce the likelihood of disputes when you grab a copy of our free guide – Business Contracts Basics: What Every Florida Business Owner Must Know About Contracts.

Simply enter your full name and primary email address, click the “Send my Guide!” button below, and check your inbox to get access to your guide.

Photo credit: pennstatelaw

Because laws vary from state to state, a contract that is valid in California may not be enforceable in Florida. A general contract form from your local office supply store, although properly formatted, may not fully adhere to the laws in your state.

3 Components of a Valid Contract

In Florida, a contract must have 3 essential components to be considered valid and enforceable – an offer, acceptance of the offer, and consideration.

1. The offer
An offer is a written or verbal statement by any party expressing his/her intent to enter into a contract under certain terms. It can be negotiated, re-negotiated, withdrawn or rejected at any time prior to acceptance.

Once the offer is accepted and the contract signed, you are considered a party to the contract and are obligated to perform as agreed.

2.Acceptance of the offer
When an offer is presented, all parties to the contract must fully and openly accept it. Acceptance can be in writing, verbally over the phone, or via the U.S. mail. In the latter case, the offer is deemed accepted from the moment the mail is placed inside the mailbox; not from when the recipient receives the mail.

3.Consideration
Consideration describes the value that will be given to the parties of the contract in exchange for their performance. It must be present in all Florida contracts.

There are different forms of consideration – including money, services and tangible items. Without consideration, the performances promised in your contract are merely gifts.

Doing business with valid contracts is essential to your success. Now is the time to evaluate the contracts you are relying on. Are you fully protected or leaving your business vulnerable?

Grab a complimentary copy of our digital guide – Business Contracts Basics: What Every Florida Business Owner Must Know About Contracts.

Simply enter your full name and primary email address, click the “Send my Guide!” button below, and check your inbox for access to your guide right away.