Why have a written contract?
A written contract allows each party to clearly define all terms and conditions in an agreement. Having a signed contract in is the best proof of evidence in regards to what was agreed to and will greatly assist if a conflict occurs in the future.
Why is time of the essence important?
In a contract or an agreement a failure by either party to meet a deadline specified in the agreement can be considered a breach and the contract could be cancelled. Time of the essence means that all the obligations must be met by the time in the agreement or the contract can be voided. If no deadlines exist then the contract is based upon the theory of reasonable time, which is the time an ordinary person would believe is realistic.
What is a Jurisdiction?
A jurisdiction is a territory with its own governing body of law. For instance, Washington State is a separate jurisdiction from Oregon. They have different laws and regulations, but both are within the jurisdiction of the United States.
What is Joint and Several Liability?
In an agreement all parties may be equally and personally liable, this is known as joint liability. In several liability clauses, if one liable party is unable to pay their portion of an obligation then the remaining liable parties will take on the burden and will be responsible for both their own liability as well as this unpaid portion that the other party could not pay for.
I’m Not Sure I Need A Lawyer How Do I Find That Out.
You should never hesitate to contact a lawyer if you believe you need one. In most cases you can request one or one will be provided to you. However, many issues can be resolved without a lawyers assistance. It is important to contact your local or state bar association for such resources.