As long as you get someone to sign a contract, they are obligated and there’s nothing they can do about it, right? Well, in typical lawyer fashion, the answer is: IT DEPENDS.
There is a concept in the law referred to as a “voidable” contract. This means that a court can allow a party to AVOID a contract if it is determined that it was not formed validly and that party will be relieved of its contractual obligation. This is an important concept that you must be mindful of when entering into contracts.
There are various reasons a contract may be considered voidable. Some include:
• Fraud/ Misrepresentation • Duress • Undue Influence • Mistake (in certain circumstances)
What does this mean for me or my business? This means you must be VERY careful when contracting with other parties- no matter the trade or industry. If you don’t protect yourself on the front end, you may lose out on the back end. Don’t chance wasting time, money and other valuable resources- get it right the first time!
Talk to a professional before you contract to serve your business/ personal needs! Contact us today!
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