Insignes Attorneys

A legally binding agreement between two or more parties is treated as a contract
When a party files a suit claiming a breach of contract, the first question the judge must answer is whether a contract existed between the parties.
For a contract to be valid, there must be
1. An offer
2. Acceptance
3. Consideration
4. Intention to create Legal Relations
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Before acquiring any property, it is important to inquire and verify the title that comes with the property in order to avoid unnecessary Litigation.
The importance of Land title cannot be overemphasized.

Before acquiring any property, it is important to inquire and verify the title that comes with the property in order to avoid unnecessary Litigation.
The importance of Land title cannot be overemphasized.

In forming a partnership relationship there are Important some clauses that should be contained in the partnership agreement.
1. Capital contributions; Your partnership agreement should explicitly state what contributions each partner will make to the partnership and the percentage of ownership interest they will each take.
2. Duties as partners; partnership agreement should spell out the partners' duties. This includes specifying each partner's level of authority, business decision-making power and other responsibilities
3. Sharing and assignment of profits and losses; Partnership agreement should state how profit and losses should be shared amongst the partners.Allocation that is proportionate to each partner's ownership percentage is a popular way to allocate and distribute profits and losses
4. Acceptance of liabilities; Depending on the type of partnership you're entering into, each partner may (or may not) be held personally liable for the business obligations of the partnership. Have a clause in your agreement that spells out the liabilities of each partner
5. Dispute Resolution: Your partnership agreement should stipulate how disputes will be handled. For example, instead of allowing the partners to go to court, you could require that arbitration or mediation is used first.
6. Salaries and Distributions: Usually partners are not entitled to salaries unless otherwise agreed , therefore your partnership agreement should state stipulate it if the partners are entitled to salaries.