Verbal contracts can be enforceable, but are problematic because things change, memories fade, and disputes arise about what terms were agreed to. Protecting your business’s interest and enforcing rights under a contract are much more difficult without an enforceable contract.
Contracts and the law governing them have profound legal effects that could impact the survival of your business. Properly drafted written contracts protect your business’s interests and fortify all the rights of the parties in any given transaction.
Whether it be to simply memorialize a common understanding of an organizational relationship or govern future venture needs, the protections afforded by strong contracts are invaluable to operating a successful business.
In any business environment, it is critical to have legal documentation in place to establish a system of rules and policies governing the legal enforcement of promises.