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...
Year: 2023
How to spot a straw purchase in real estate
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...
What to know about international breach of contract in commercial law
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...
Creditor’s rights: What are they and how can they be enforced?
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...
What makes a contract unenforceable?
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...
Can complex cases be resolved through mediation or arbitration?
When faced with a complex legal question, you may wonder whether you have the option to attempt to resolve your case without going to trial. There are many types of legal disputes where resolving a case without a public trial is not only preferable but recommended....
Types of damages in commercial litigation
In commercial litigation, several different kinds of damages can be awarded to a winning party by the judge and jury. A party can award compensatory damages, incidental damages, consequential damages, nominal damages, liquidated damages, and punitive damages to the...
Common shareholder disputes and how to solve them
Majority shareholders and top-level executives are usually responsible for making major decisions regarding the running of a business, as they own the major stake in the company. Still, the minority shareholders have rights, and it is not uncommon for disputes to...