Individuals and businesses in Illinois know that the way a contract is worded can make a big difference in how it may be interpreted and, therefore, how much protection it may provide one of the parties if a dispute ever arises. People should also be aware that they should be careful to assume that the need to be vigilant about the terms of a contract can last for a very long time, even decades after the original agreement was entered into.
If you have a business in Illinois, you may use many different types of contracts. One such type is an oral contract. This is simply an agreement you talk over with someone else where you both agree to terms and the exchange of something valuable. It is the same as a written contract except that you did not write anything down or sign anything. You may wonder just how binding this type of contract is.
When offering a professional service, clients help your business grow. While they’re an integral aspect of being successful, you also want to choose your clients wisely to prevent serious issues, such as contract disputes, from occurring down the line. Medium explains some common client red flags to look for so you can avoid problems.
For companies and individuals in the media and entertainment industries, strong contracts are essential. Anyone in Illinois or Michigan who is involved in these industries knows this firsthand. In many cases, a contract between a large corporation and an individual may entail payments for work that could take a long time to produce or complete. In some situations, the work is never completed and this may well happen due to a dispute between the parties that results in the cancellation of the contract.
Consumers in Illinois and Michigan have concerns about the rising costs of prescription medications. According to the Wall Street Journal, these concerns have put pressure on drug manufacturers, pharmacies, and the middlemen between them known as pharmacy benefit managers to lower the costs.
Companies that do business with local municipal governments might assume that these entities would want to support operations in their cities or states. While certainly this can happen, there may be a variety of factors that go into a city council's decision to award a contract to a vendor from outside the area. In one recent situation involving this type of decision, the local company is pushing to have the contract award reviewed and reconsidered.
Most of those who deal contractually in Detroit and Chicago likely do so assuming that the only way their contractual partners can terminate their agreements is if they have legitimate cause to do so (after all, how valid can an agreement be if one side can walk away from it at any time?). Yet there are scenarios where a contracted partner can indeed end an agreement for its convenience. The trick to avoid getting caught up in such a scenario is knowing what situations the right to terminate for convenience applies to.
Businesses in certain industries often ask employees to sign non-compete agreements as a part of the hiring process. These agreements restrict employees from working in similar industries or for companies that are in direct competition with the business once workers have terminated their employment with the company. If an employee should quit and go to work for an opposing company, they may share information that could hurt their current employer. Non-compete clauses are implemented as a way to keep trade secrets and other company information private.
People who have to look out for their professional or business interests know that many things can change a person's perspective at any time. Who may seem a strong ally one moment could well end up as an adversary down the road. Such seems to be the case for two professional fighters as one of them has just initiated legal action against the other in Cook County, Illinois.
Contracts are part of doing business, whether you are an individual or a corporation in Chicago or elsewhere. Although it is always a good idea to put any agreement in writing, oral contracts are enforceable under Illinois law if there is enough evidence to support that a deal was made. However, there are exceptions, which are covered by the statue of fraud