There are different areas of law for people who need to sue for a personal injury or car accident. For business people and those who enter into business contracts, they can pursue a legal remedy in commercial litigation. A commercial litigation attorney new haven ct handles legal disputes involving a company or business. These disputes are often about property and financial issues or contract agreements.
What is a Contract Agreement?
A contract is an agreement between two or more parties. These parties agree to do something such as buy or sell property. For a contract to be enforceable, it must include mutual assent and consideration. The term “enforceable” means that the parties are legally obligated to do what is in the contract. Mutual assent involves a party making an offer and another partying accepting that offer. The offer must be specifically to that party called an offeree. Consideration means each party gives up something. This is a mutual, agreed to exchange such as property for money.
The Goal of Commercial Litigation is to Avoid Court
Many seek legal representation is a business dispute to avoid going to court. Another reason companies seek a commercial litigation attorney is to handle mergers and acquisitions. For example, a large corporation merging with or acquiring a smaller company would require an attorney’s assistance.
Commercial Litigation Establishes Business Partnerships
Another area of commercial litigation is establishing a partnership between two or more business owners. A partnership creates legal ownership rights, financial obligations and ownership duties. Thus, it’s important for each party to understand their responsibilities, so they don’t start a legal dispute.
Employee Agreements is Another Type of Commercial Litigation
Drafting agreements between an employee and employer is another part of commercial litigation. The reason drafting agreements is a part of commercial litigation is because these agreements often involve business secrets. Agreements between an employer and employee give the employer the right to sue if their employee doesn’t comply with the agreement.
What Does an Arbitration Clause have to do with Commercial Law?
Certain contracts between businesses or employee and employer have an arbitration clause. An arbitration clause refers to any legal dispute must be resolved outside of court. This doesn’t mean the dispute won’t end up in court. Both parties must meet with an arbitrator to determine a solution to the dispute before either can proceed trial. Insurance companies also use arbitration with a customer, an employee, or a business to avoid going to court. However, the insurance company will often hire a commercial litigation attorney to provide advice on how to resolve a legal dispute.
Areas of Commercial Litigation Law
There are many subcategories of commercial law. For instance, intellectual property litigation is a subcategory. It involves protecting trademarks, patents and copyrights. For instance, a company can sue if their trademark is used without their permission. LLC and corporation litigation involves resolving non-disclosure, non-compete and other type of disclosure agreements. Franchise litigation is another subcategory. This often involves a franchisee or franchisor not fulfilling their legal obligations.