In Illinois, when two parties come to a mutually understood agreement that they intend to have legal force, a contract is formed. There are both written and oral contracts, since all that is required is that the parties agree and understand each other. Most businesses want to solidify their agreements in writing so that they can rely on them in the future. Since many legal principles may be involved, drafting a contract works best when done with as much knowledge of the law as possible.
Negotiating a Contract in Urbana
There is more to a contract than what is required for it to be valid in Urbana. The particular terms of the contract should all be discussed separately so that the intent of each party is understood by the other. The terms of the contract may be determined based on clear expectations if both parties are forthright about their intentions early on. Also, parties may want to discuss whether they need a provision for resolving any disputes under the contract.
Using a Form Contract
Many Urbana, Illinois attorneys use form contracts as a template for any new agreement. The attorney will add or remove contract provisions that the parties want, plus modify the specific language of the form contract to meet the parties' needs. This usually saves all parties time and money. There are risks in using form contracts without the help of an attorney. First, form contracts have the tendency to go unread. Any party who does not carefully review all the contract terms can be left unaware of their obligations under the contract. Second, form contracts often contain language that is specific to the field of law, and using forms without an understanding of this language can cause future disagreements over a contract's meaning. Attorneys can help ensure that a written contract matches the intent of the parties, whether negotiating a contract or using a form. Illinois contract law is a field in which many Urbana attorneys have specialized.