What Exactly is a Contract?

What Exactly is a Contract? At its core, a contract is nothing more than a promise: If you do X for me, I’ll do Y for you.  The only difference between a promise and a contract is that a contract is enforceable in a court of law. So what is this magic ingredient that turns a promise […]

Can a Text Message Create a Binding Contract?

Can a Text Message Create a Binding Contract? A previous post discussed how an exchange of emails can result in a binding contract. But can you really create a contractual obligation by sending a text?  A recent case in Massachusetts hints that this too, is a possibility. The case, titled St. John’s Holdings, LLC v. Two Electronics, […]

Sweepstakes Disclaimers: The Small Print Matters

Sweepstakes Disclaimers: The Small Print Matters   Sweepstakes, contests, and similar promotions can be an extraordinarily effective tool to create brand awareness and attracting new customers lured by the possibility of winning a prize. Although the upside of sweepstakes are clear, many businesses ignore the potential downside.  All sweepstakes and contests must comply with various statutes, […]

How to Keep Your Non-Binding Term Sheet Non-Binding

How to Keep Your Non-Binding Term Sheet Non-Binding Most business deals start with an informal document memorializing the terms of the transaction to be negotiated.  Known interchangeably as a Memorandum of Understanding (MOU) or Letter of Intent (LOI),  such documents are often intended to be non-binding.  In some circumstances, however, parties can be bound to a “non-binding” […]