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Legal Category: Most Common Business Law Issues
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Finding the Best Business Lawyers

Definition of a Breach of Contract

In business law, a breach of contract occurs when one or both parties fails to perform its duties that are outlined within the contract. Contract law aims to provide damages to the party that was harmed, and restore them to where they were before the breach occurred, or to a position as if the contract had been executed.

In cases that a breach of contract causes minimal harm, a business lawyer can help their client recover damages, such as: contract rescission, specific performance, or contract modification. Awards for cases that involve extensive damage to the plaintiff may include monetary remedies, such as: compensatory damages, restitution, liquidated damages, nominal damages, quantum meruit, remedies in equity, and punitive damages.

If you believe you have breached a contract or are being accused of doing so, an experienced business attorney can help you protect yourself and the future of your business.

What are Some Examples of Business Disputes?

Business disputes are a common occurrence, and can come about for a variety of reasons. Whether a dispute involves a contract’s terms and conditions, or if it delves into business practices or billing, the dispute needs to be resolved. In some cases, a business’s reputation or financial security is at risk, and a speedy resolution is necessary.

A business lawyer in your area will be able to review any dispute you may have, and assist you in reaching a reasonable solution. An experienced attorney will work to protect your personal and business interests, and will represent you during litigation or arbitration proceedings.

Importance of Buying and Selling a Business

Buying or selling a business is often a monumental decision for all parties involved. There are several phases for each process of buying or selling, and a qualified business attorney can assist you through every step. Both the buyer and the seller must be fully prepared for each phase of the process in order to complete a successful purchase or sale of the business.

Due diligence is key in the transfer of a business. Without a skilled attorney, there may be missed loopholes or opportunities, which could negatively affect the buyer’s or seller’s goals within the transaction. Contact a business attorney in your area today, and let him or her assist you in the entire process and closing of the transaction.

Contract Drafting and Review

A clearly written contract is essential for all business transactions. Without a precise contract, legal issues can arise for all parties involved. Contracts can be long, with a great deal of legal jargon that many people often skim over. It is important to have a contracts attorney review the content contained within the contract in order to avoid problems down the line.

The terms and conditions must be clearly stated, leaving no room for doubt as to what is expected from each party. If there is a disagreement between parties, there will be legal documentation that can protect both sides from legal recourse. Contract negotiations are also a significant step for both parties in obtaining an agreement that satisfies the needs and goals of each party. An experienced business attorney will be able to assist their client in setting forth their expectations and performance willingness and limitations.

Including a remedy for breach of contract is also essential. In doing so, time and money may be saved in the event that one party failed to uphold their obligations to the other. It is best to keep the contract simple, with terms and conditions that are easily understood, so as to avoid confusion as to what is expected from both parties.

When reviewing a contract, be sure that each party understands their duties and obligations. It should not be signed until the entire agreement is fully reviewed. Hiring a lawyer to go over the document before you agree to its conditions can save you time, money, and the stress of being held liable for breach of contract.

Corporations, LLCs, Partnerships, etc.

The decision of what business management structure should be used in forming a business, is an important one. Different management structures each come with their own pros and cons, and a business lawyer can assist you in deciding which is best for your situation.

Liability and tax implications vary between the management structure of corporations, limited liability companies (LLCs), and partnerships. It is essential to evaluate the disadvantages and advantages of each in order to form the structure that is most suitable for a business.

A business lawyer will be able to assist you with evaluating the risks and liabilities that are inherent to your business. It is also essential to evaluate the costs that you will be able to incur in order to establish and maintain the business structure. An experienced attorney will also answer any questions you may have regarding how state and federal government taxes will affect the business, and will provide guidance on how to set your business up for success.

What is Entertainment Law?

The area of entertainment law is diverse, and integrates intellectual property law as well as contract law into the entertainment industry. Protecting the works and ideas of creatives is necessary, and entertainment lawyers rely on copyright and trademark laws to protect their clients and their intellectual property rights.

If you are considering forming a contract within the entertainment industry, or are having issues with someone illegally using your creative work, you should speak to a business or entertainment lawyer as soon as possible. Your attorney will review your case, advise you of your rights, and represent your best interests in future proceedings.

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