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A contract is an oral, written or digitized agreement between two or more parties outlining terms for parties to make a legal “exchange of something” – a consideration. Florida Courts allow more than enough freedom to form and negotiate most contracts without government intervention. The intent of the parties to a contract must be spelled out so there is no confusion about what is expected of the parties in order to satisfy the contract. Even though a legal contract can be oral, it is best to put things in writing in the event a dispute arises and one or both of the parties is not honest about what they said. Written contracts also protect and outline legal action in the event there is a breach of duty due to extenuating circumstances.
Elements of a valid Florida contract.
Business contracts between companies.
Businesses often cooperate and engage in joint endeavors for comprehensive results and market share. There are instances where companies must share internal information about the company’s procedures, processes and strengths and weaknesses to complete a joint endeavor. A non-disclosure is a common business contract utilized in these circumstances to keep corporate information out of competitors hands, and as a precaution to secure trade secrets.
Business contracts company and individual.
Many daily transactions are based on contracts between a company and an individual and the signing of a contract may have been through something as simple as a credit card application. Simple business contracts usually have standard terms as part of the language within, so they are similar to others across the board and may be non-negotiable such as loans, bank accounts and insurance contracts.
Employee contracts are different than those with standard terms and are unique to the business entity and the services required of the employee, sometimes including non-disclosure clauses, non-compete or client list language that protects the company from losing their clientele or allowing the employee to quit and start a new business that would be in direct competition with the current employer. Intellectual property is also a time when a business contract would be utilized to secure the use of patents, branding or unique consideration.
It is always wise to seek the assistance of an experienced business attorney when writing contracts to save yourself, or a business from negative consequences including legal action that may cost more than desired. Attorneys at Legal Counsel, P.A. can assist with the preparation of contracts for business between clients and employees.
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