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 […]

More on the Enforceability of Online Agreements

More on the Enforceability of Online Agreements As detailed in a previous post, the terms and conditions of service posted on your website constitute a binding obligation if (and only if) the consumer is made aware of their existence, and affirmatively assets to the terms (i.e., by checking a box).  This requirement is further illustrated by a […]

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” […]

Three Key Provisions of Software Agreements

Three Key Provisions of Software Agreements Every sentence in a contract is technically there to serve a purpose, and software development and service contracts are no exception. If your company is looking to license or develop a specialized software application, it’s important to negotiate the terms to the greatest extent possible to protect your long-term […]

What is a Shareholder’s Agreement?

What is a Shareholder’s Agreement? Although shareholders of a small corporation can agree amongst themselves on virtually every conceivable subject matter, shareholder agreements are generally limited to a narrower range of topics, such as the following: Who can be a shareholder? Who can serve on the board of directors? How will shares be voted in […]