When a Manhattan business owner decides to sell their business, or alternatively, if they decide to purchase another business, there are a number of ways such a deal could be structured. One way is the purchase and sale of a company's stock. Another way is an asset purchase and sale agreement.
Whether it is in a major deal or the normal course of business, companies enter into contract on a frequent basis. These contracts serve as an agreement between two or more parties. This agreement outlines the duties of each party. The ultimate goal of a contract is to not only protect the agreed upon terms, ensuring they are followed but to protect the interests of the party. When a contract is not complied with, this is considered a breach of contract. A breach of contract not only harms the business relationship but could result in the non-breaching party suffering damages.
In a prior blog post, we discussed how offer and acceptance is a key component of almost all legally enforceable New York contracts. In this blog post, we will discuss another key component: consideration.
The contract is one of the fundamental concepts of business law in New York. Most businesses here make contracts and fulfill their terms in pursuit of success. If contracts are breached, there usually is some negotiation between the parties. If this negotiation isn't successful in resolving the contract dispute, litigation may result. Two important parts of any contract are offer and acceptance.
What started as a business-to-business contract in 2013, ended as an intellectual property infringement case filed in 2015 and settled finally in 2018. The owner of Grumpy Cat brand joined forces with a coffee maker called Grenade Beverage for a limited product offering based on the internet star who first appeared online in 2012 known as Grumpy Cat and owned by Tabatha Bundesen. However, Grenade launched other products beyond the scope of the original agreement, including a line of ground coffee, resulting in Grumpy Cat Limited's brand owner, Bundesen, filing a lawsuit for copyright and trademark infringement.
Copyright issues span a gamut of scenarios brought before the court in an effort to assign and protect authorship. With society utilizing more technology and creativity in its pursuits, there is often collaboration between humans and non-humans to produce a final work.
When a business in New York enters into a contract with another party, the business seeks to secure either goods or services in exchange for providing the other entity with compensation. This generalized statement covers the foundational elements of creating a contract, from an offer by one party that is accepted by the other in exchange for some form of consideration. While creating a contractual relationship may seem simple, working out the problems that can arise when one party fails in their contractual responsibilities can be anything but simple.
One of the most basic rules of law is that parties must do what they agreed to do in a contract. This rule allows business relationships to work smoothly in Manhattan and elsewhere. While most people do this most of the time, sometimes parties don't do what they agreed to do. Performing parties don't perform and paying parties don't pay.
Commercial real estate is big business in the Big Apple. And, like many business matters, contracts largely govern the way commercial real estate is done in Manhattan. This means that the resolution of a real estate brokerage commission dispute will very likely depend on the language of the contract that the broker and the seller enter into. This is why it is important to pay attention to the details of a real estate brokerage contract.
In today's job market, employees making frequent job changes, as well as changing companies, has become commonplace. Non compete agreement are typically used to protect employers from having trade secrets exposed when an employee leaves the company. But how enforceable are these agreements? An employer can have a better chance of protecting themselves and their business by creating non compete agreements that are more specific and reasonable.