Handshakes are so 2019…. (and not for the reason you think)
Are you ready for the “Footshake” or the “Elbow Bump”? According to a recent USA Today article, the future of the handshake <https://WymanLegalSolutions.us18.list-manage.com/track/click?u=b473ae4fa843fc144f2b4b0be&id=accf74fff4&e=4beffc6fe7> is in serious doubt because of Coronavirus.
So, is Coronavirus the reason that you should consider making handshakes a thing of the past? NO!
I truly believe we will be shaking hands again one day. However, one thing you should NEVER do with a handshake again is use it as a substitute for a written contract!
Doing a deal on a handshake is absolutely something that deserves to be dead and buried forever.
I cannot tell you how many times I have had a potential new client call me about one of these “handshake” agreements:.
“I loaned money to my brother-in-law without getting him to sign a promissory note and he hasn’t paid me back.”
“We hired a contractor to do work on my house without a written contract and now he’s charging me twice as much as what we agreed to.”
“I invested money into my friend’s business without a written contract and I have never seen a return on my investment. And now she won’t return my calls.”
Are oral contracts enforceable? Technically, yes (most of them anyway….). However, when contracts are not put into writing and signed by the other person/company, then proving the terms of the “agreement” in court becomes very difficult. It is also much more expensive in terms of attorneys’ fees to prove an oral contract. Just have an attorney put the agreement into writing in the first place! It’ll save you money!
Not only do you want your contracts to be in writing, but make sure that they contain important provisions, including:
The bottom line is that the best time to consult with an attorney is before you enter into a contract. Clients of Wyman Legal Solutions know they should always consult with us before lending any money or signing any contract. And for those clients who are in our Business Lawyer on Retainer program, all of those consultations are included in their low monthly fee.
Getting a consultation with us is easy. Simply call (561) 361-8700 and ask for our Director of Client Relations, Jen. Jen will obtain some information from you and will schedule you for a complimentary call with me.