Transactional work involves both the drafting and review of legal documents, often contracts. Contracts basically amount to private laws that the contracting parties are agreeing to apply to themselves in exchange for the benefits they believe they will receive from the deal. Having a competent attorney draft your contract can make a world of difference. Few clients would think to include all of the terms that an attorney would draft into an agreement. This is because an attorney is trained to evaluate what happens if the deal falls through or is breached by one of the parties.
ISSUES IN TRANSACTIONS
HANDLING TRANSACTIONS FOR CLIENTS
It might seem shocking to the average member of society, but one of the issues that is regularly litigated over is whether a contract exists at all. Remembering to include all of the required elements for a contract to be formed in the first place is just the beginning.
Another issue that regularly arises in transactions is the common misconception that only written agreements are legally enforceable. This is not the case. In many cases, an oral agreement is just as binding as a written contract, although oral agreements are more prone to result in litigation due to the uncertainty created when terms are not written down.
Enforceability is a third issue that arises in transactions. It is common to find people who have included provisions into contracts that are not legally enforceable. Knowing when that is the case and what to do about it, helps make a good transactional attorney.
While some attorneys focus exclusively on transactional work, the attorneys at Whiting & Jardine believe that having an attorney draft your contracts who also litigates contractual disputes on a regular basis is invaluable to clients. It allows the party drafting your contracts to understand how a court will rule on the provisions the attorney includes in the document. This in turn allows for the inclusion of the right provision and the exclusion of others that should not be included. An attorney with substantial litigation experience also has the benefit of having handled situations in which contractual relationships fell apart. Based on that experience, he is able to foresee many of the potential pitfalls in a contract.