In Michigan, when two parties come to a mutually understood agreement that they intend to have legal force, a contract is created. 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 usually 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 Taylor
Negotiating the particular terms of a contract is crucial. There are several terms that should be included in every Taylor contract to ensure that the agreement protects the interests of the parties. Being upfront about your intentions can help the contract goal of mutual understanding of expectations. To conclude negotiations, you may want to include a clause that determines what is to be done if a party fails to meet its duty.
Using a Form Contract
Using a form contract as a baseline for your agreement may save you time. Lawyers practicing Michigan law in Taylor can be helpful in selecting the right form, and can also revise the contract to make it the best fit for your distinct situation. If the parties attempt to use a form contract without an attorney's advice, there may be risks. First, using a form contract makes it more likely that one of the parties will not have understood the clauses. This can lead to them being unaware of their duties under the contract. Second, the challenging language used in the field of contracts can make agreements written by others challenging to understand. Whether you negotiate or use a form, an attorney can help ensure that the written contract matches your intent. Many lawyers in Taylor are experts in Michigan contract law.