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In an ideal world, every business and professional would go to great lengths to uphold all contractual obligations. In the real world, countless different issues can prevent the fulfillment of a business contract. A sudden change in leadership at an organization may...
Organizations that engage in business-to-business operations may have customers or clients with major outstanding debts. In many cases, collecting debt from a business can be easier than engaging in collection efforts against individual debtors. However, the complex...
Many entrepreneurs are likely aware that business partnerships have many upsides; they allow business owners to combine resources and expand their networks to achieve mutual goals. However, it’s crucial to acknowledge that even the most promising partnerships can face...
The “corporate veil” refers to the legal distinction between a corporation and its shareholders – which is generally designed to protect the latter from being personally liable for any of the company’s debts. However, there are times when it may become necessary to...
The old adage says that “a little competition is healthy,” and that’s true in business as much as any other aspect of life. Healthy competition gives consumers real choices – and it encourages companies to be both responsive to their customers’ needs and innovative...
A personal guarantee is a commitment by an individual to take responsibility for a business's debt or obligation in the event that the business entity itself is unable to fulfill its financial commitments. A personal guarantee is a legally binding agreement within...
A straw purchase in real estate refers to a situation where one person (the straw buyer) acquires property on behalf of another individual, who may not be eligible or may wish to remain anonymous for various reasons. The straw buyer's name appears on the property's...
When doing business outside of the United States, it is important to have a contract in place that protects you and your company against disputes, fraud and resulting damages. These contracts are essential for any international commercial activities and should spell...
There are many reasons why a person or entity may extend a loan to another. If you have served as a creditor and are unsure what your rights are, read on to better understand your legal position. What are a creditor's rights? Broadly speaking, a creditor has the right...
For contracts to operate effectively, laws must be in place to determine what makes contracts legally enforceable. However, it's just as important for laws to exist when contracts are not enforceable. Knowing when a contract is legally unenforceable is equally...