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.
It's a phenomenon that has no doubt captured the attention of many New York business people: the rise of quality television programming over the past few years. Many award-winning shows are available for viewing both on traditional television and on-demand streaming. With all the awards and viewers come big revenues and big disagreements over who should get those revenues and how much they should get. A good example of this is a contract dispute that reached the courts of the Empire State.
New York businesspeople rely on their customers, clients and vendors to keep their promises or to renegotiate agreements if the current ones are not working out. These promises and agreements are called contracts, and our legal system recognizes the importance of these contracts and the importance of the parties adhering to them. When at least one contract term has been violated by a party, the contract is said to have been breached. But, how do courts respond to contract breaches?
Whether it's a simple sale of goods or a complex and critical merger or acquisition, the business of most Manhattan companies is ruled by contracts. In the vast majority of cases, business people either adhere to the contracts they have made or successfully renegotiate new arrangements with their suppliers, customers and merger or acquisition partners. Although most business people would prefer to avoid business disputes if possible, they are sometimes unavoidable, and it is important for business people to take action to protect their rights.
With your business up and running, you were likely ecstatic about its success and the capital you invested in it. However, you have reached your goals, and your business is becoming profitable. In fact, you and your partner may be discussing expanding your staff. This introduces new cause for anxiety.
A billionaire investor from New York, Lynn Tilton, recently found a good reason to be hopeful in her ongoing litigation with the Securities and Exchange Commission (SEC) after a federal appeals court ruled in an unrelated case. The federal ruling indicated that the SEC has no authority to submit its cases against businesses to an administrative law judge as opposed to a federal court. Ms. Tilton own case recently went before and administrative law judge.