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Consideration in Contracts

In Contracts by Kameron KramerLeave a Comment

We all know that business deals involve careful consideration of company finances, risk, and potential gain. But the contracts underlying those deals involve another form of consideration—something that demonstrates each party has a stake in the outcome. In fact, contracts are only legally binding if there is consideration (along with an offer and acceptance, as discussed in previous blogs). In …

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Promissory Notes

In Contract Disputes, Contracts by Kameron KramerLeave a Comment

Promissory notes can be helpful in so many different situations, but what exactly are they and what do you need to look our for when dealing with them?  In it’s simplest terms, a promissory note is an IOU.  It includes the terms of the agreement, specifically the amount owed, how and when it is to be repaid, and default terms.  If you’ve ever …

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Contract Tip: Understanding the Offer

In Business Tips, Contracts by Larry DonahueLeave a Comment

Contract law can be a confusing mess, especially for busy business leaders. It pays, however, to know some of the basics of contract law in running a business. Such basic knowledge will help avoid potential liability or disaster down the road. If you don’t already know what a contract is, it is a “bargained for exchange of value” between two …

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Are Non-Compete Agreements Enforceable in New Mexico

In Non-Compete Agreements, Trade Secrets by Larry DonahueLeave a Comment

The quick answer is “yes,” provided they are “reasonable” and provided they do not restrict certain professions that are statutorily protected. It can be difficult for a business to gain a competitive advantage over their competition. Many successful companies rely on trade secrets to create a product or service that is better for consumers than a competitor’s, but if an …

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Acting In Good Faith

In Contracts by Don KochersbergerLeave a Comment

What it Means for your Business When conducting business dealings and entering into contracts, you expect that the people that you are dealing with will be honest and sincere in their intentions to uphold your agreements. Similar to a breach of contract, when a business or person does not honor their end of the deal, but also misleads the parties …

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Breach of Contract: What Happens Next?

In Contract Disputes, Contracts by Don KochersbergerLeave a Comment

When you enter into a business contract, you expect to hold up your end of the deal and expect the other party to honor their part, as well. When something goes wrong and the other party isn’t holding up their end of the deal, they have committed a breach of contract. So, what can you do against a business or party …