The state of New Jersey recently modified “right of first refusal” laws pertaining to condominium sales. Sometimes, condominium associations include rights of first refusal in their master deeds or bylaws. This legal tactic can be helpful for owners who want full control over their property. This is merely one example of using business contracts to your advantage.
Types of Contract Advantages
Entrepreneurs who start companies can also use business contracts to their advantage by structuring equity plans so that only founding partners who contribute initial capital receive equity in exchange for their contribution. Issues such as contribution loans can also give businesspeople tactical advantages with contracts. Prenuptial agreements can give an advantage to a partner who wishes to protect his or her assets in the case of divorce. Real estate businesspeople need to build solid contracts that specifies the terms of a deed and ensures that the pricing is correct and payable in the manner stated by the businessperson.
It is important to fully read any contract before signing it. However, sometimes reading a contract isn’t enough. Contracts can be full of complicated legal language that only a qualified attorney will understand. There are many terms which have different legal definitions, and the differences in the meanings of these terms can completely change the entire meanings of contracts. In fact, there is an entire body of law dedicated to contract law. All lawyers must study contract law in law school, but only a few attorneys decide to specialize in contract law.
A Good Defense
There are many different types of contracts and many different ways to use these contracts to a client’s advantage. However, contract law is very detailed and complicated, and only an attorney who has experience in dealing with contract law knows how to give an advantage to a client. This is why it is important for anyone who uses contracts to hire an experienced business contract lawyer.