Illinois is home to all types of businesses. Some are small and privately owned, while others are large corporations with many shareholders. Regardless of size or type, no business owner wants to experience delays or lose profits due to contract disputes. When disagreements arise, however, keeping certain things in mind may help those involved reach amicable solutions in a timely manner.
One of the first ways to address contract disputes is to prevent them in the first place. This is more easily accomplished if signature parties understand all terms and conditions defined within a contract before signing. A validly signed contract is legally enforceable; therefore, one may want to ask an attorney to review an agreement before it is finalized to make certain that one understands the obligations and responsibilities that will exist once it is signed.
Typically, state laws govern matters concerning contracts. Whether the Uniform Commercial Code or common law controls an issue depends on the subject matter at hand. The UCC is usually referred to when a commercial sale of goods is part of a contract dispute.
In addition to seeking guidance when contract disputes arise, Illinois business owners or prospective owners may want to retain assistance in creating a contract. An experienced business and commercial law attorney would be able to make suggestions as to what type of contract best suits a particular business need. Anyone with questions concerning the process, or struggling to resolve an existing contract issue, may request a meeting with an attorney to explore available options regarding how best to address the situation to accomplish immediate and long-term business goals.
Source: FindLaw, “Contracts and the Law“, Accessed on July 8, 2016