Owning and operating a small business in the Denver, Colorado, region usually means that you will need to create one or more business contracts. The days in which parties made agreements by way of a simple handshake have faded away. Now, business owners need much more protection than they might have needed in those bygone days.
Most members of Denver's small business community know that airtight contracts contribute to the success and growth of a business. As such, these business owners take careful steps to ensure that their contracts are precise and detailed. Unfortunately, entities on the other side of a contract may still choose to violate the terms of such a document.
A good contract can place a Colorado business in a strong position for the future. Whether it is for securing a useful vendor, leasing a new location for operations or hiring a critical employee, a well-drafted contract can provide a business with security and confidence in their actions. Not long ago this blog discussed the basic elements of a contract, but depending upon what type of contract a business needs to execute, the terms of the agreement may vary from those of others.
Contracts are an essential component of many business relationships. When a small Colorado business chooses to hire a new employee or work with a new vendor it will likely create and execute a contract to govern the terms of their relationship. Contracts, also called agreements, are based on an offer and an acceptance of the offered terms.
Social media has upended the traditional ways businesses advertise and generate word-of-mouth among their customers and potential customers. Many small businesses in the Denver area have built their entire media strategies around social media. However, these strategies can be destroyed overnight when the social media companies change the ways they present a business' posts.
Drafting a contract that accomplishes all your business goals while addressing all possible complications is not easy. The language in a contract should be clear and the parties should make sure they agree on every point.
It's always a good idea to get a business agreement down on paper, but sometimes, for one reason or another, it doesn't happen. Most businesspeople in Colorado are familiar with the so-called handshake deal, and other types of contracts that are not necessarily in writing. Many of these agreements meet the basic requirements of a contract (offer, acceptance, consideration, competency, intent) and so will be legally enforceable. However, a law known as the Statute of Frauds requires that certain types of contracts must be in writing, or else they are not legally enforceable.
Since the beginning of e-commerce as a force in the marketplace, business leaders and lawmakers have argued over how to handle the issue of sales taxes. If a website for a Denver company sells a widget to a customer in another part of Colorado, should the customer pay the sales tax rate for Denver, or for the customer's location?
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When deciding on a contract dispute, a court first determines whether the parties had a valid contract. The court must find that one party made an offer, the other accepted it, and they must have exchanged something of value in exchange for a promise.