In Tennessee, a contract is different from a normal agreement in that the parties to a contract intend their agreement to have legal effect. Contracts may be oral or written, as long as both parties have the same understanding of the terms of the agreement. The reliability of written contracts usually make them the preferred means for businesses to transact. Since the intent of a contract is to be legally effective, they are best formed by those who understand the law.
Negotiating a Contract in Oak Ridge
Negotiation of each specific term in a contract is important to ensure that the intent of each party is met. Also, there are certain clauses that should be included in every Oak Ridge contract to give it the desired legal effect. Being forthright 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. Attorneys practicing Tennessee law in Oak Ridge can be helpful in selecting the right form, and can also revise the contract to make it the best fit for your distinct situation. There are risks in using form contracts without the help of an attorney. First, a party using a form contract may not have thoroughly read all the terms, and can thereby remain unaware of his performance obligations and liabilities if events do not go as planned. Second, the difficult language used in the field of contracts can make agreements written by others challenging to understand. An attorney can ensure that a written contract matches the intent of the parties, both with form contracts and in negotiations. In Oak Ridge, many attorneys specialize in Tennessee contract law.