The Elliot Legal Group, P.A. Offices | Fort Lauderdale and Miami

3101 N. Federal Hwy., Suite 609,
Oakland Park, Florida 33306

*Licensed in England and Wales, Florida and Washington D.C.

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Sunrise business contracts attorney

It is not uncommon for family, friends, or business partners to come to an agreement over dinner, shake on it, and assume that everything will be taken care of. Since you have an amicable or trusting relationship with the person, you may not feel as if signing a legal contract is necessary for the work to get done. While this handshake may act as a substitute for signing on the dotted line, you may be unable to enforce this agreement if things begin to go south. For those who fall victim to such business relations, Florida legislation has addressed which oral contracts stand in court and which verbal agreements fall short in the eyes of a judge.

What Is the Statute of Frauds?

Since oral business agreements are fairly common, legislation has been put in place to note which agreements are considered invalid in a court of law. It is important to note these descriptions in the instance that you are considering going into business with a friend solely based on trust. The statute of frauds lists the following types of contracts invalid and unenforceable without the details outlined in writing and signatures from both parties:

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Sunrise business law attorney third-party-beneficiary

Everyone has experienced a time when a lunch date with a friend has evolved into a group event after bumping into someone while out to eat. This “third wheel” can hang around much longer than expected and change your plans drastically. While this is a boiled-down analogy, third-party beneficiaries within business contracts can be a similar experience. Companies signing contracts may not realize the straggling, unintended parties that may appear later down the road. Whether you are a small start-up or a well-established company seeking new business ventures, it is critical to be detail-oriented when drafting a new contract or considering signing one. The legal jargon used in these contracts as well as the high volume of content can cause some businessmen and businesswomen to sign a contract without recognizing the third parties it may bring along with it.

What Is a Third-Party Beneficiary?

Similar to the analogy used above, a third-party beneficiary is a company or business that benefits from the terms of a contract made between two other parties. These potential beneficiaries are sometimes unforeseen by the signees before putting their pen to paper. Depending on the circumstances, these third-party beneficiaries may have certain rights within the contract if the terms are not fulfilled by both signing parties.

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