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Recent Blog Posts
Essential Elements in a Breach of Contract Case
Typically made between two or more consenting parties, companies, or entities, contracts may be used during sales and purchase transactions, and for jobs or services rendered. They may also be used when hiring an employee, freelance worker, or contractor. At their core, they are a legally binding and enforceable promise - but only if all required elements are present. Lack of even just one element can render the contract null and void. Learn more about the essential elements of a contract, and what it takes to enforce one through a breach of contract case, with help from the following information.
What Makes a Contract Valid?
Before there can be a breach of contract, there must first be a valid contract. What, exactly, makes a contract valid? First, there must be an offer, or the intent to enter a contract. Second, there must be an acceptance of the contract's terms. This acceptance does not have to be in writing, but oral contracts can be difficult to prove. As such, contracts should be written using clear and concise language. The last element of a valid contract is a consideration or the giving and receiving of something of value. One-sided contracts are not typically enforceable, nor are contracts that cover a prior service or transaction.
Even Amicable Divorces Need Assistance from an Attorney - Learn Why
The internet is full of do-it-yourself divorce options, and you may even have a friend or family member that knows someone who has tried one of them. Unfortunately, it is only these so-called positive stories that seem to gain attention; no one talks about the horrible mistakes that can occur, or how a DIY divorce can leave parties especially vulnerable to financial devastation. Learn more about why a lawyer should be utilized, even in an amicable divorce, and how a DIY divorce might cost you far more than what it is worth.
Ways a DIY Divorce Can Cost You
Do-it-yourself divorces come with a broad range of potential pitfalls. First, there is the risk that your spouse may hide assets from you; it is rather easy to do in a DIY divorce. If it happens to you, you could find yourself suffering from a serious loss in your divorce settlement, and in some cases, it could be severe enough to cause financial devastation.
Could Commercial Real Estate Investing Be the Next Big Payoff?
Many homeowners, lenders, and investors suffered a severe loss during the housing market crash of 2007. Others found an opportunity. They were buying, not selling. Why? Because, as every wise investor knows, the market eventually recovers. Sometimes it can take years for that to happen, but the payoff is often worth the risk. Now hedge funds are preparing for the next big market crash; only this one involves commercial real estate. Could it be the next big payoff for investors? Perhaps. The following explains more.
The Perfect Storm
Retailers, big box stores, and malls have been struggling for some time now, but many have managed to hang on, if only by a thread. Unfortunately, it appears they could be in for the perfect storm in this upcoming year. Expert analysis shows that approximately $3.5 billion in retail loans were consolidated in 2016.
Think You Are Too Young for Estate Planning? Think Again!
Millennials are some of the most driven, open-minded, and goal-oriented individuals alive today. Yet, when planning their future, few consider estate planning. Most think they are simply too young, but nothing could be further from the truth. Learn more about why even millennials should have an estate plan, and how you can start yours.
Why Start Estate Planning Now?
If you are like most people in their 20s and 30s, you likely have a long list of endeavors you would like to pursue. From art projects to technology developments, these potential money-making ideas are worth something, long before they come to fruition. An estate plan can help protect these concepts and ideas, ensuring they are passed on to someone that can utilize them, should anything happen to you along the way.
Buying an Existing Business - What You Should Know
Purchasing an existing business can reduce the cost and stress that often accompanies the start-up of a business. You do not have to hire employees, create a brand or logo, or even purchase equipment. Instead, you can focus on earning immediate capital. However, there are some potential drawbacks to buying an existing business. The following can help you understand these risks and how to mitigate against them.
Understand the Potential Risks
Before purchasing a business, it is crucial that you understand the possible risks - not just for purchasing a business, in general, but for the specific business you are looking at buying. A few things to consider might include:
- Cost of taking over the business;
- Debts of the business;
Alimony Can Have Tax Implications for Receiving Spouses
Although alimony is not awarded quite as often as it used to be, it is still a factor in some divorces. On one hand, alimony may balance out the financial struggle that a disadvantaged spouse faces after divorce. Yet, on the other, there are tax implications that could present a potential issue. Learn more about alimony and taxes with help from the following.
Taxes are Governed by the IRS
Some spouses believe they can mitigate the tax implications of alimony payments by speaking to the court. Unfortunately, this is not accurate. Taxes are governed by the Internal Revenue Service (IRS), not the courts. As such, spouses should discuss any concerns they have over the tax implications of alimony with their financial advisor, and their attorney.
Requirement to Report Alimony
Experts Release Predictions for Chicago's Housing Market in 2017
Buyers, sellers, and investors alike have been watching the Chicago housing market with bated breath. An area that has stalled in comparison to other major cities throughout the country, it has been a market where many homeowners are underwater, investors fear serious loss, and buyers wonder if buying in a stagnant market is truly the smart choice. Certainly, the market has belonged to buyers for some time, but many recognize that life changes and, should they want to sell later on down the road, they may be out of luck. Thankfully, it looks like at least some areas may be looking at an appreciation, and that could be a positive thing for anyone looking to buy, purchase, or invest in real estate in the area.
Most Homes Continue to Fall Behind Their 2006 Value
Estate Planning for Children with Disabilities
According to data from the Centers for Disease Control and Prevention (CDC), one in seven American children have some form of disability. Some suffer from behavioral and mental health issues. Others have developmental disabilities or congenital defects that severely impact their ability to care for themselves. Many of them could be at risk for issues in the future, once their parents are no longer around to care for them. Thankfully, estate planning offers parents a way to mitigate some of those risks. The following explains.
Choosing a Guardian for Your Child
If you know that your child will need lifelong care, it is critical that you create a will or estate plan and name at least two potential guardians to care for your child. The first can be the primary. The second can be someone who would assume care, should the first person pass away or be unable/unwilling to care for your child. You might also wish to set up an emergency care person - someone who would assume temporary care for your child, should you pass away suddenly. This can ensure they stay out of the state's care and in the care of someone you know and trust.
Examining the Pros and Cons of a Written Employment Contract
While the state of Illinois is considered an "at-will" employment state - meaning either employer or employee may terminate the relationship without cause or reason - there are situations in which an employment contract may be necessary. What are these situations, and what potential pitfalls might you, the employer, face? The following explains the potential advantages and disadvantages to written employment contracts.
When Might a Contract Be Necessary?
Employment contracts are often most useful when employers need to protect themselves from the potential of competition, revealing of trade secrets, or problematic employees. However, some companies also use them to entice highly desired employees. For example, an employer might offer a pre-determined salary increase over a five-year time period; putting it in writing may mean the difference between hiring a top-rated employee and losing that employee to your competitor.
Successful Co-Parenting Can Mitigate the Risks of Divorce
When parents divorce, everyone in the family is affected, including the children. Unfortunately, parents sometimes become so overwhelmed with their own feelings and emotions that they forget to acknowledge and address the feelings of their children. This, paired with a desire to "win" divorce, can lead to serious mental and emotional implications for kids. In fact, some may even become at risk for troubling or long-term behavioral issues.
How Do You Mitigate the Risks?
First, you understand that children do not always "bounce back" from divorce. Some spend years, if not the rest of their lives, struggling with self-esteem and romantic relationships. So if you suspect there may be a problem, seek help and support immediately. Second, you continuously remind yourself that your child's needs should and must come first. Make their best interests the center of your divorce and work hard to create a nurturing co-parenting environment for your child.
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