In Texas, 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. 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 Lakeway

Negotiating the specific terms of a contract is crucial. There are several terms that should be included in every Lakeway 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

Using a form contract as a baseline for your agreement may save you time. Attorneys practicing Texas law in Lakeway can be helpful in selecting the right form, and can also revise the contract to make it the best fit for your particular situation. There are risks in using form contracts without the assistance 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 use words and language understood only within the legal community. This may cause parties to agree to a term they don't really understand. Attorneys can help ensure that a written contract matches the intent of the parties, whether negotiating a contract or using a form. Texas contract law is a field in which many Lakeway attorneys have specialized.