A buy-sell agreement, buy-out agreement or a business prenup, is typically a contract that specifies how a partner’s share of an enterprise will be reassigned if he or she happens to pass away or dispense themselves from the company. Buy-sell agreements are commonly used for closed corporations and partnerships but may be used for other types of companies as well.
An employment contract is an agreement between two parties – an employee and an employer, that involves terms and conditions of employment. Some employment contracts may be oral, whereas others are written and contain many descriptive provisions. Oral employment contracts are enforceable but could be much more difficult to prove in court.
When there’s a breach of contract for the sale of goods, the UCC governs. Under the UCC, failure to deliver goods is a material breach, but in common law, it is not. Any contract can contain a “liquidated damages” provision which typically includes a certain amount of money that the non-breaching party is entitled to if a party breaches the contract.
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This is a quick legal reference guide covering 16 topics that every business owner needs to have to start a business
