Depending on your industry, you may have several different types of business contracts in place at the same time. Some of these agreements may be for short-term purposes, while others may apply to and impact operations for years. In both instances, it’s important to have contract terms that work for you and meet the needs of your Florida business. At some point, circumstances may change for you or the other contracting party. In this situation, it’s important to know: Is it time to revise my Florida business contract.
Do You Have a Valid Business Contract?
Before you can consider revising your Florida business contract, you need to evaluate whether your contract was properly formed. To be valid, a Florida business contract must have three main components: Offer, acceptance, and consideration.
- The Offer involves one party making an offer to sell goods or services to another party.
- Acceptance occurs when the other party agrees to the proposed terms.
- Consideration is something of value exchanged by the parties to effectuate the agreement. Consideration is typically money or the promise to pay or deliver a good or service.
Was it in Writing?
When evaluating your agreement, you may need to consider whether it should have been written. This is because not all Florida contracts must be in writing. However, some agreements have to be in writing to be enforceable under the law. For instance, a contract for the sale of real property, the sale of goods for over $500, and promises that cannot be fulfilled within one year must be in writing. Even if an agreement does not have to be written, it’s generally a good idea to create a written contract.
Evaluating Your Florida Business Contract
Once you have determined your Florida business contract is valid, you will need to review its contents for termination-related provisions. Upon doing so, you may find that there are express terms related to breach of contract. For instance, suppose you want to end a commercial lease early or change a material condition. There may be language in your lease agreement that discusses when the landlord or tenant can change or end the agreement and if there are any related financial penalties.
If you have an existing Florida business contract and believe that you may want to change your agreement, you should contact an experienced Florida business attorney. Your lawyer can help you evaluate your agreement and determine your options.
Revising Your Florida Business Contract
When parties sign a business contract, they are usually bound by its terms. This creates certainty for those involved and can help ensure that both sides fulfill their obligations. Under most circumstances, if you want to alter an existing agreement for your business needs, the parties must agree on any changes. If you make changes without an agreement, you could breach the contract.
Once you determine the changes you would like to make to your existing agreement, you should contact a Florida business attorney to help you negotiate and modify your contract.
Contact an Experienced Florida Business Attorney
Attorney Richard Sierra at the Florida Small Business Center assists clients like you with business and litigation matters. As always, Our Goal Is to Help You Succeed™. For an appointment, you may call us at 1-866-842-5202 or use the contact form on our website. We represent small business clients throughout the State of Florida, including Coral Springs, Coconut Creek, Boca Raton, Delray Beach, Pompano Beach, Sunrise, Fort Lauderdale, Miami, West Palm Beach, Jupiter, Deerfield Beach, Stuart, Port St. Lucie, Orlando, Naples, Fort Myers, Sarasota, Tampa, and surrounding communities.