In Michigan, 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. In business transactions, written contracts are typically preferred for their reliability. These documents are best drafted by those who understand the law, because the very reason for a contract is to legally obligate the parties.
Negotiating a Contract in Monroe
Negotiating the specific terms of a contract is crucial. There are several terms that should be included in every Monroe contract to ensure that the agreement protects the interests of the parties. 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
It may save you time to use a form contract instead of drafting your own. Even so, you may want an attorney in Monroe, Michigan to add or remove terms, or to simply make the contract language more clear. If the parties attempt to use a form contract without an attorney's assistance, there may be risks. First, parties are less likely to read form contracts thoroughly, which may lead to one side being unaware of their duties under the contract. Second, the difficult language used in the field of contracts can make agreements written by others hard to understand. Whether you negotiate or use a form, an attorney can help ensure that the written contract matches your intent. Many attorneys in Monroe are experts in Michigan contract law.