From the course: Identify and Mitigate Legal Risks in Business
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Identify legal risks in business contracts
From the course: Identify and Mitigate Legal Risks in Business
Identify legal risks in business contracts
So what can go wrong if you don't pay attention to the words in a contract? Well, just ask the executive for a New York fur-trading company who signed a contract at an auction in Finland. His company didn't pay. So the Finns sued him personally in a New York court. Well, under US law, he is not personally liable. But under Finnish law, he is. Well, guess what? The contract said, “Finnish law applies” and the US court said, “Sorry, buddy, you're on the hook.” Contracts -- -- they have to have an offer in acceptance, consideration, capacity, and a legal purpose. Within these elements are many risks. In this lesson, I'm going to familiarize you with three important legal risks to consider in contract negotiations. The first of these is jurisdiction choice of law. Start by looking at what the contract says about where and under what law conflicts will be settled. You don't want to end up in some faraway court with strange laws. Also, consider an arbitration clause to help solve future…
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