Business Contract Lawyer

In businesses, both big and small, contracts are important in keeping them functioning. They make sure that promises are made and that obligations are met. Of course, one of the parties can dispute the terms and agreements of a contract, but those terms are right there in writing for everyone to see.

Nonetheless, contract disputes do occur in business and when they do, they need to be resolved so that the business can keep functioning.

That is where a business contract lawyer comes in because they can help resolve disputes over contracts. At Hogan Hulet, we are business contract lawyers in Las Vegas with decades of experience helping businesses resolve contract disputes in their favor.

If your company is experiencing a contract dispute and you want the best chance of it being resolved as quickly as possible and in your favor, then contact us so we can give you the help that you need.

Common Types Of Business Contracts

Business contracts are essential tools for defining the rights and obligations of parties engaged in a commercial relationship. There are several types of business contracts, each serving a specific purpose:

Sales Contracts: These agreements govern the sale of goods and services, outlining terms like price, delivery, and payment conditions.
Employment Contracts: These documents establish the terms of employment between an employer and an employee, including salary, job responsibilities, and benefits.
Partnership Agreements: Designed to clarify the roles, contributions, and profit distribution among business partners, these contracts are crucial for preventing disputes.
Non-Disclosure Agreements (NDAs): These contracts protect sensitive information shared between parties, ensuring confidentiality in various business dealings.
Lease Agreements: These contracts outline the terms for renting property or equipment, including rental amounts, duration, and responsibilities for maintenance.
Service Agreements: Typically used when one party provides services to another, these contracts specify the nature of the services, fees, and performance expectations.
Franchise Agreements: These legally binding contracts define the relationship between a franchisor and franchisee, detailing fees, training, and operational standards.

The Basics of Business Contract

Every enforceable business contract must include the following six key elements:

Offer and Acceptance:

There must be an offer by one party and acceptance by the other.
Both parties must agree to the same terms and conditions.

Consent of Free Will:

Neither party can be coerced or forced into signing the contract.
Both parties must voluntarily agree to the terms.

Consideration:

Something of value must be exchanged between both parties (e.g., money, items, or services).
The exchange is crucial; otherwise, it is considered a gift, not a contract.

Competent Parties:

Both parties must be of sound mind.
This means they cannot be minors, under the influence of drugs or alcohol, or have mental impairments at the time of signing.

Legality:

The contract’s purpose must be legal.
Contracts for illegal activities, such as drug trafficking or hiring a hitman, are not enforceable.

Contracts and Agreements

It should be noted that there is a distinct difference between contracts and agreements even though both terms are sometimes used interchangeably. An agreement is a mutual understanding between the involved parties about their rights and obligations.

A contract involves the same mutual understanding but it also involves creating enforceable obligations. In other words, a contract is official.

Breach of Contract

A breach of contract is easy to understand since it is when a party fails to uphold their end of the agreement stated in the contract. There are different kinds of contract breaches:

Material Breach - This is when one party fails to perform their contractual obligations or fails to fulfill them in a timely manner. In these cases the breach is so severe that it completely defeats the purpose of the contract, this is why a material breach is also called a complete breach.

Minor Breach - This is also called a partial breach or an immaterial breach. It is when a party meets the major obligations of their contract but fails to meet a minor one. An example is if a party promised to deliver a product at a certain date and time. If they delivered the product but did so a few minutes after the specified time, then this would be considered a minor breach. The party that suffered the breach can sue but only if they can prove that the breach caused them financial damages.

Actual Breach - An actual breach occurs when the contract has already been broken. That means one party has failed to perform their obligations, performed those obligations poorly, or failed to deliver them at the specified time.

Anticipatory Breach - This is when one party informs the other that they will not fulfill their contractual obligations.

Breach of Contract Remedies

When a contract gets breached, the party to whom the breach occurred has three different methods of relief under the law. They are damages, specific performance, and cancellation and restitution.

Damages

This is the most common method of resolving contract breaches and they offer the breached party financial compensation for the losses they suffered as a result of the breach. The following are some of the kinds of damages that can be awarded for a contract breach:

Compensatory Damages - These are meant to put the breached party in the position they would have been in had the breach not occurred.

Punitive Damages - These are meant to punish the breaching party if their breach was particularly egregious. In these cases, the party that violated the contract has to make payments well beyond compensatory damages. These kinds of damages are rarely awarded in breach of contract cases.

Nominal Damages - When a contract is breached but there is little loss of money to the party that experienced the breach, then a small amount of money is awarded to them.

Liquidated Damages - These are a specific amount of damages that are agreed upon by both parties at the time of the contract signing in the event that a party breaches their end of the contract. They are an estimate of the financial losses that a party would experience as a result of a contract breach.

Specific Performance

If monetary damages are not enough to compensate the party that suffered the breach, then they can seek this kind of remedy. It essentially means that the party that breached the contract must fulfill their obligations. Specific performance is used in situations where damages would not be enough to put the wronged party in a position they would have been in had the contractual breach not occurred.

Cancellation and Restitution

The party that experienced the breach of contract can cancel the contract and sue the breaching party for restitution. That puts them back in the position they were in before the contract was breached. When the contract is canceled, that means the party that experienced the breach no longer has to fulfill their obligations.

Contact Hogan Hulet For Help With Your Business Contract Disputes

Contracts are one of the most important aspects of any business; from the agreements laid out to the signing of the contract to the contractual obligations of the parties involved. If a breach of contract occurs, then that could have potentially devastating consequences for the party that suffered the breach. That is why contractual breaches need to be addressed as quickly as possible.

That is also why the right attorneys should be hired to resolve any contractual breaches. The business contract lawyers at Hogan Hulet have over a decade of experience helping Las Vegas businesses resolve all manner of disputes including breach of contracts. We can help any business owner find the right solution to their problems, so contact Hogan Hulet if you have a contractual dispute that needs to be solved.