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    Wow! That's a great question, although answering a question from 2006, now in 2014, makes my answer a bit late.

    With that said, all the above responses are both right and wrong. They are right, in that a contract is a bargained-for exchange of value. That they don't always have to be written to be enforceable, but it really helps to have them written down, stored safe and securely, the UCC is a good place to start, etc, etc, etc.

    Where the above responses are wrong, is that simply writing your agreements doesn't necessarily mean they are enforceable. There are literally a hundred different areas where a layperson writing a contract can go wrong. There are many, many rules that apply for contracts, that without training as an attorney, you simply will not know about those rules, and these rules depend significantly on the context and subject matter of the intended bargained-for relationship. I'll give you some examples:

    (1) You want to hire an artist, web developer or programmer to do something specific for your business. Unless your contract has the exact phrase "work made for hire," with the right language supporting it, you will NOT own the copyright of the work you paid for, even though you paid for it, and even though your contract otherwise says that you're intending to own the copyrights.
    (2) Contracts must have a fixed duration, and cannot "last forever" or in perpetuity. Such contracts are simply void as a matter of law.
    (3) Depending on the state you're in (or the other party), you cannot have a non-compete clause, or if you do, it must be very tightly constrained.
    (4) If you're intending to obtain a security interest in real estate or "titled property," you probably need specific language and you probably need to file your contract with either the Secretary of State or County you live in.
    (5) You cannot charge any interest or penalty you want for lack of performance in a contract, because if it's too onerous or egregious, your contract can get voided for a variety of reasons.

    These are just a few examples. The list is almost endless. Therefore (yes, I'm about to make a self-serving statement): If you're dealing with important subject matter, high dollars, a potentially significant risk, or it's a contract you will use over-and-over again because it's your general contract for your business ... don't do it yourself. Hire a business attorney. A good business attorney has many templates to chose from as a starting-point. Like me, they will ask you a bunch of questions, some more difficult than others. Sometimes, there's an iteration to it. But once we have a good idea of what you want, we grab one of our templates, tweak it for your specific situation and circumstances, and THEN you'll have a VERY GOOD, enforceable contract (provided you follow our directions in its execution and performance).

    Thank you. Larry.


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    Last edited by LDonahue; 05-27-2014 at 01:28 PM.
    Laurence S. Donahue, Esq.
    Attorney & Founder
    Law 4 Small Business, P.C.
    http://www.L4SB.com/
    505-715-5700
    888.99.BIZLAW (888.992.4952)
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    #12
    Join Date
    Nov 2014
    Location
    USA, California, San jose
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    20
    There is having certain rules and regulations you have to follow before setting any legal binding contracts. Fair contracts will set up both parties who are involved. Every contract is setup a legally binding conditions who will set up to face legal actions. In the contract you should have to mention the name of buyer, and insert the name of seller and from basic information to all the other detail valuable items is mentioned. You have to put each and every legal terms and confidential clause in contract.


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    These questions are pretty difficult to answer. I always consult with lawyers about it


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    Frankly speaking, I know very little about legal issues. I always rely on the best attorneys even if I just need a consultation. Not long ago I worked with criminal lawyers actually. They did their job great. If you need such services too then go by the link and read about them.


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    thanks for sharing with us


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