Know Your Contracts Like the Back of Your Hand

January 27, 2016
By
Chase Olsen

Everyone is talking about the controversial cancellation of the 2016 Men's Basketball game between BYU and University of Utah. The last time this rivalry was put on hold was due to World War II.  Regardless of all the varying opinions, here are three simple and important lessons about contracts you should keep in mind.

  1. When a contract is breached, there are consequences.  In the case of this college basketball rivalry, the buyout price for violating the contract by either party is $80,000. Utah Coach Larry Krystkowiak has decided to pay out of his own pocket, not imposing any undue burden on the university.
  2. Every minute detail of a contract matters.  Before you sign any contract, it is a good idea to take the time to read the contract - every word. If the contract is for something much more pressing, like a 5-year basketball contract or purchasing a company, it might not be a bad idea to hire an attorney to look it over. You don't want to sign a contract, then realize after the fact you've been caught in an undesired loophole.
  3. When drafting any sort of agreement, protect yourself against violations.  The law surrounding the language of contracts is complex, not to mention making sure you have included all the necessary sections. In some cases, drafting a legal contract requires the assistance of a legal professional. If you or your business is in need of the drafting, editing, or reviewing of a legal contract, don't hesitate to contact Sumsion Business Law today.

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