Add company in the Litigation Agreement

Aug 6th, 2022
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How to add company in the Litigation Agreement

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hello and welcome to another edition of think legal oh man um so i do a podcast and uh ive been working on that yesterday and uh so im used to doing things a little bit differently so i wanted to um i realized anyway today were going to talk about if you are personally liable if you are sued and the answer is there are some uh cases that that might be true and were going to talk about those so please stay to the end to make sure that youre getting all of the the right instances in which case that that could be if youre new here my name is taylor darcy with uh think legal and i help you create the business of your dreams now the reason why this topic is so important is because theres a lot of misconceptions about if you start a business limited liability company or a corporation or any of those types of business entities that it removes all of your liability and it doesnt it there are specific instances in which case you may still be liable even if uh youre even if you do have

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What makes a contract legally binding? To make a contract legally binding, it needs to include several key elements: Offer and acceptance One party needs to offer something (money, services, rights, etc.), and the other party needs to accept the offer. Consideration The benefit that both parties receive.
There are three instances in which an employee can bind a company to a contract: Actual authority. Implied (or apparent) authority. Ostensible authority.
These are questions that business owners all too often fail to consider, and in so doing, create unexpected or unwanted liabilities. Generally speaking, the owners, officers, directors and/or managers of a company have authority to bind a company.
This type of liability is based on the legal concept of authority. When a company representative, regardless of their role in the company, acts within the scope of his/her actual or apparent authority, he/she creates a legally binding obligation on behalf of the company.
Your addendum needs to make it as clear as possible what changes it details and to which original contract. The first place you can ensure this is in your addendum title. Give the addendum a title that references the original agreements name and date, and make it clear that it is indeed an addendum to that contract.
For example, This Addendum amends the Agreement dated [DATE] between [PARTY 1 NAME] and [PARTY 2 NAME]. Clear and specific language outlining the changes, clarifications or additions being made. This should leave no ambiguity regarding how the original contract is being modified.
As indicated above, a form of the joinder should be attached as an exhibit to the original agreement. A new party to the agreement must simply fill out the joinder, sign it, and then deliver it to the company for their records.
Legally binding contracts A valid contract needs the following elements: People entering the contract must intend the contract to be binding. An offer is made by one person and is freely accepted by another. Some price (money, right or benefit) is paid in return for a promise.

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