Posts in General Legal Principles
Bargaining Power: How To Tell If You Have An Advantage In Contract Negotiations
Bargaining Power: How To Tell If You Have An Advantage In Contract Negotiations

Bargaining power is often discussed in terms of: who has more leverage? or who has the upper hand? Better said, a party has bargaining power if he/she has the ability to cause a preferred outcome in a transaction. In general, it can be the difference between controlling the entire transaction to terms of your liking and “having no other choice, but to sign the agreement.” There are many factors that can come into play, such as, time, money, influence, authority, etc., that can shift the bargaining power between the parties. Knowing when you have the upper hand is crucial when faced with the challenges that come with negotiating a contract.

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Contract Law, General Legal PrinciplesMichael CarboneCarbone Law, LLCBargaining Power, Contract Negotiation, ContractsComment
Don't Sign a Contract If It’s Missing These Five Clauses!
Don't Sign a Contract If It’s Missing These Five Clauses!

While no two contracts are exactly the same, there are five common clauses that should be found in any well-written contract. No matter the complexity of the contract terms, the five clauses discussed below cover important aspects of the agreement between the parties, including, what happens if the contract is breached, which State law decides how the contract terms are interpreted if the contract is disputed in court, and whether the contract includes any side conversations related to specific terms in the contract.

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Contract Law, General Legal PrinciplesMichael CarboneCarbone Law, LLCContract ClausesComment
Are Verbal Contracts or "Handshake Agreements" Valid?
Are Verbal Contracts or "Handshake Agreements" Valid?

Every valid, enforceable contract has three key components: (1) An offer, (2) an acceptance of that offer, and (3) consideration, i.e., a benefit which must be bargained for between the parties. The benefit can be money, a promise to do something or a promise to refrain from doing something. When two parties discuss entering into a contract, most people picture a large stack of paper with all the specifics and details hammered out, the attorneys are in the room and the parties are there to sign that paperwork, which is the physical embodiment of their months of long, drawn out negotiations.

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Contract Law, General Legal PrinciplesMichael CarboneCarbone Law, LLCContracts, Legal Documents, Verbal ContractsComment
Should I Use a Will or Contract Template that I Downloaded Off the Internet?
Should I Use a Will or Contract Template that I Downloaded Off the Internet?

So, you want to write your own will or you’re in a bind and need a contract, should you use a template that you downloaded off the internet? Maybe, but your safest option is to proceed with caution.

While the internet has made it easier than ever before to have access to free legal templates, it has also created an outlet for increased exposure to legal liability. Besides the ease and affordability of downloading a template, the risks often outweigh the benefits. Choosing to prepare your own will or contract is certainly legal; however, that doesn’t mean you shouldn’t still consider the risks of dismissing professional legal assistance.

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Estate Planning, Contract Law, General Legal PrinciplesMichael CarboneCarbone Law, LLCLast Will & Testament, Contracts, Legal DocumentsComment