Contracts

The importance of a good contract

Contracts exist in every thing we do. We form contracts many times a day and are unaware we are doing so. When I buy a cup of coffee in the morning, I give the barista money in exchange for my coffee. When one of us performs, the other is obligated to perform too. Thus, a contract is created.

Some matters are much more complicated than handing over a couple bucks for a cup of coffee. Some matters may take years before performance can be completed. If a matter will take over a year to complete performance, a written contract is necessary. However, even if the matter can be performed within a year, a written contract can save you time and money while letting each party know definitively what performance is expected of them. Without a good written contract, controversy may arise as to what was expected of whom and what was agreed upon.

To avoid such controversy, which results in burdensome attorney’s fees and an equally burdensome devotion of attention and effort that could be better employed in more constructive endeavors, it is necessary to have a proper contract in place at the outset detailing the parties’ obligations and the essential terms of the exchange. A good written contract will also address at least the most likely complications that might arise, assigning responsibility for any such complication to a specific party in a specified manner.

A good written contract is one that clearly describes the exchange to be done and also addresses the possible complications that might arise during the performance of the exchange.

Every agreement begins with a friendly handshake and trust that the other party will deal fairly and accurately in all matters, otherwise you would not be dealing with them.

However, circumstances happen along the way and a good contract allows you to part with a friendly handshake and a feeling of fulfillment.

At Macomber Yockey Law we advise in all manner of contract law. We draft, review, and have experience litigating contract law. If you are dealing with a contract issue or just needing a contract drafted or reviewed, call Macomber Yockey Law for a free consultation.