“Verbal agreements�aren’t worth the paper they’re printed on.” – Unknown Small business owners and entrepreneurs often rely upon “handshake” or verbal agreements to conduct business. But are those agreements really enforceable? The answer is it depends. Technically speaking, verbal agreements are enforceable in New York with certain exceptions as described by the Statute of Frauds. […]
Many people enter into contracts on a daily basis without realizing that they are in a legally binding agreement. To help the average person understand when they have a valid contract, we have set forth the elements of a contract below. There are four elements of a contract, in order to have a valid contract, […]
Non Compete or Non Competition Agreements are contracts that contain a restrictive covenant whereby an employee promises to refrain from competing against their employer for some period of time. Such agreements can be beneficial to both the employer and employee. Employers are likely to invest more in the training and development of the employee without […]
To many, arbitration and mediation are synonymous. Both involved the resolution of a dispute with the assistance of a third party. However, there are major legal differences between these tools of alternative dispute resolution. �It is important to know those differences before attempting to mediate or arbitrate a dispute. MEDIATION Mediation is where the parties […]
There are many different ways in which a business can be formed. When forming your own business, though, there are four main types to consider, each with their own pros and cons. For this post, we will answer “What is a Limited Liability Company (LLC)?” A limited liability company is a hybrid between a corporation […]
Businesses are omnipresent in American everyday life. When forming your own business, though, there are four main types to consider, each with their own pros and cons. A sole proprietorship, partnership, corporation, and LLC (limited liability company) all have their own unique aspects that may make them helpful or less helpful to you. For this […]