Business Law Basics: Contract EssentialsBy Nina Kaufman, Esq.
Today, I feel vindicated. I just came across Laura Bell’s post, “Business Law Basics,” which reminds me of my apartment after it’s cleaned: neat, fresh and pleasant. Her point, delivered gently, is that too many entrepreneurs do deals without having a written contract. It’s like bringing a knife to a gunfight: You may be prepared for trouble, but not well enough to avoid serious injury.
Bell outlines the elements of a contract(important, if you want to understand when the deal is actually “struck”) and why a cancellation clause is helpful.
Exit strategies (the “how-do-I-get-out-of-this-deal-if-it’s-really-not-working-for-me?” language) are a vital part of any business relationship; otherwise, you risk being stuck in a bad situation with no easy (or inexpensive) way out.
Want a quick an easy way to learn more? Check out my booklet guide, terms and conditions, so you’ll know the highlights of what to put in your agreements.
Have questions about working with Kaufman Business Law? This is the video to watch.