There are two types of business fraud: internal and external. Internal fraud is committed by the people that work for you, like managers and employees. It happens every day, like if someone steals pens or post-it notes. But it can also sink a small business if an employee takes the bank deposits or steals your clients. External fraud is committed by outside entities like contractors and vendors who over-charge. Small businesses are susceptible to both but because of employee access to your business assets and records, internal fraud can be far more serious.
Contract disputes are an inevitable part of business. No matter how good of a "deal maker" you may be, circumstances change and people move on. Hopefully you are able to resolve this difference amicably but if you are not, then your business could face serious economic consequences depending upon the nature of the breach. It is in these situations that recovering damages is critical. A previous post discussed how you can recover compensatory and nominal damages, the two primary types of damages. This post will discuss the less common but still important punitive and liquidated damages.
Contracts are formed when two or more parties agree to an exchange. It includes reciprocal duties of payment and performance of the agreed task. Usually it is money for goods or money for some sort of services. Generally these contracts are kept and everyone walks away happy. But what happens if you perform the service and the other party refuses to pay? This is called a breach of contract and there are several remedies available. This article will go over some of those remedies.
For a breach of contract you can either seek damage or some sort of equitable remedy. Damages are money paid to compensate you for your loss and there are many different types. This article will discuss the other types of remedies, namely: specific performance, cancellation of the contract and restitution.
Contracts are the bread and butter of business development. Unfortunately, economic circumstances change, businesses evolve and sometimes those contracts are breached. A breach of contract occurs when someone fails to perform a part of the contract. Generally, it is one of those "you will know it when you see it" moments.
In any legal dispute, a reasonable, satisfactory settlement can be reached before the case goes to court. Working out a settlement can be possible with legal guidance, support and considerable negotiations, which is often preferable for business owners and individuals who want to avoid expense and time associated with courtroom litigation.
However, this is not always possible and ultimately, the resolution for a business dispute can be left in the hands of a judge and jury. That appears to be the situation in a case that has resulted one of the most expensive verdicts for a trade secret dispute in history.
Business transactions happen every single day across Orlando. Whether these transactions involve customers, clients, partners or employees, it is crucial that business owners are prepared for the exchanges. However, because these transactions can be so routine, it is easy to assume that they will all play out the same way.
This can cause some business owners to get caught off guard and wind up facing a problematic transaction they are not capable of dealing with. While it is certainly an option to address these situations as they arise, there are ways to prevent them from ever coming up.
Employee contracts are a critical tool that companies and workers alike depend on to protect themselves and the relationships between them. Should someone violate this contract, a serious legal dispute can arise.
For example, if an employee agrees to a non-compete clause in a contract, he or she will typically be limited in the employment options that can be pursued if they leave their job. This is one way that businesses can protect sensitive information and competitive information and keep it out of the hands of other companies. If a company or person violates this agreement, serious legal repercussions can follow.
Every building comes with its share of problems; some develop over time while others should be addressed and resolved while a building is being built or renovated. If problems aren't addressed as soon as they are discovered, they can compromise the building's structure and even make people inside that building sick.
That can be the case when defective construction and/or inadequate building materials contribute to mold growth. This can happen in any structure when water gets into places and is not removed. Over time, that moisture can become a haven for fungal growth, which, when left untreated, can cause serious health problems.
We have discussed on this blog the many different reasons why it can be so crucial for companies to protect ownership of creations and inventions. These are often the backbone for businesses, driving sales and establishing a company's brand and reputation.
When these works are claimed or used by other parties without permission, it can lead to contentious and costly legal battles. This is the situation in which the 3M Company and a Florida inventor are currently involved. The dispute centers on who is named as the inventor of Post-it Notes.
Buying a house can be an incredibly significant experience, whether it is your first home or your tenth home. The decision to buy is not one that most people make lightly, considering the amount of time, money and energy is involved. So when you put an offer on a house and it's accepted, you will likely feel relieved and excited.
However, these feelings can turn to frustration and anger if the seller indicates he or she would like to back out of the contract after accepting your offer. In these situations, you will want to understand your legal options for keeping the house or seeking damages.