Contracts

Precautionary Measures for Companies who Issue Stock to Employees

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By Benjamin Jensen(801) 365-1017ben@snjlegal.com   Utah companies can encounter shareholder disputes when they issue stock to an employee in exchange for services that are never performed or only partially performed. If the company issued the shares to the employee before the services were performed, the company will have little hope of recovering the shares in the absence of certain …

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5 Tips for Successfully Negotiating Franchise Agreements

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Whether you are a working-professional looking to expand your services through a well-known brand or a passive investor trying to diversify your portfolio, opening a franchise location can be a lucrative opportunity that enriches both the franchisor and franchisee. The following five tips will help potential franchisees identify and capitalize on important negotiating points before …

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Utah Contacts: When is Substantial Performance Enough?

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Joseph G. Ballstaedt801.365.1021joe@snjlegal.com Under Utah law, must parties to a contract perform their contract duties strictly, literally, exactly, and completely? If they do not, are they in breach and liable for damages? No, not always. Sometimes all that is required is “substantial performance.” This article discusses what substantial performance is and what it is not, …

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Force Majeure Clauses and COVID-19

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Many contracts include what is commonly known as a “Force Majeure” clause. “Force Majeure” translates literally as “superior strength.” Force majeure clauses may also be known as “Act of God” clauses. A force majeure clause is intended to reduce or alter contractual obligations should a major event occur which renders the contract impossible to perform. …

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Contractors and Subcontractors – What Does COVID-19 Mean for Your Contracts?

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We suddenly find ourselves in a much different business atmosphere in April of 2020.  Much of what we are experiencing is, of course, uncharted territory.  The COVID-19 precautions and shutdowns are likely to impact every industry and area of the economy in a different way.  Many contractors and subcontractors in the construction industry are wondering, …

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Five Ways to Protect Yourself from and Recover Unpaid Accounts

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Joseph G. Ballstaedt801.365.1021joe@snjlegal.com If you are a business owner, you have agreed to accept and deal with various risks most nine-to-five employees avoid. By showing up for work for specific hours, employees are generally guaranteed to be paid. Business owners, on the other hand, don’t get paid unless a costumer walks in the door, places …

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When Not Stated, What Interest Rate Applies to Contracts in Utah?

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Joseph G. Ballstaedt 801.365.1021 joe@snjlegal.com The answer to this question is quite simple. Under Utah law, people who enter a contract can agree to any interest rate they want, but if they do not agree to a specific rate, the default rate under Utah law is ten percent (10%) per annum. As explained below, this rate …

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Unfair Interest Rates May be Legal in Utah, but an Attorney Can Help

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Joseph G. Ballstaedt801.365.1021joe@snjlegal.com Utah judges aren’t your parents. If you enter a contract that is unfair or unwise, a judge probably won’t come sweep in and save you from the consequences of the agreement. It has long been the law in Utah that you have “freedom to contract.” You are free to enter a contract, reject a …

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The Statute of Frauds: When Oral Contracts in Utah May or May Not Have Teeth

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Joseph G. Ballstaedt801.365.1021joe@snjlegal.com Written vs. Oral ContractsNot all contracts have to be in writing. Generally, if one party makes a valid offer and another party accepts that offer, these two parties create a binding and enforceable contract. This does not mean, however, that an oral contract is just as good as a written contract. When …

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