In Minnesota, 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 Hopkins
Along with particular clauses that should be included in every Hopkins contract for it to be valid, it is important to adequately discuss each term to make sure that the intent of each party is understood by the other. 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
Many Hopkins, Minnesota lawyers 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. Using a form contract without the guidance of an attorney may pose problems. First, parties using form contracts often do not read all the clauses, and can therefore be unaware of their obligations under the contract. Second, form contracts often use words and language understood only within the legal community. This may cause parties to agree to a clause they don't really understand. Lawyers can help ensure that a written contract matches the intent of the parties, whether negotiating a contract or using a form. Minnesota contract law is a field in which many Hopkins lawyers have specialized.