To Write or Not to Write (a Contract)? Part 2 If there are two writings, who wins? Recently, the North Carolina Court of Appeals tackled some thorny issues related to written contracts that are quite prevalent in the construction industry today. Three issues: whether there was a contract, which document was the contract and whether there was a valid arbitration clause all created litigation between two general contractors. In the first part of this series,
To Write or Not to Write (a Contract)?
To Write or Not to Write (a Contract)? Part 1 Does My Contract Need to Be in Writing? A contract is an exchange of promises that the law will enforce, or a writing containing the terms to which the parties have agreed. Clients often express the feeling that they do not have a contract because there is no writing. One of the most common misconceptions is that a contract does not exist unless there is
Risk of Loss
Risk of Loss and its Application to Secured Transactions Many of us have heard the expression “possession is nine-tenths of the law.” It is not a myth and does form the basis for many areas of the law. Both consumers and businesses should understand a bit about the term “risk of loss.” Those in the business world that ship products regularly deal with the issue of risk of loss on a daily basis. With products
Watch Out For That Waiver! (pt 2)
Watch Out For That Waiver! Part 2 In the first part of this series we discussed legal concepts that come into play to create waivers of legal rights. The concepts “accord and satisfaction,” “compromise and settlement,” “waiver” and “estoppel” are standard defenses asserted in contract actions, as well as, other types of claims. At the core of each is that a party has waived or otherwise altered previously existing rights, possibly in favor of new
Watch Out for that Waiver!
Watch Out for that Waiver! PART 1 Credit professionals fight a daily battle with their customers to control their employers’ risk while also increasing the company’s ability to make sales. The conflict is manageable, but it often puts credit managers and other similarly situated employees in the difficult position of deciding how to resolve disputes with their customers. Quite often, while striving to placate the customer, the credit manager may make decisions that ultimately are