July 2015 Archives

Renewing a contract can present risks to both sides

 The typical example of a lawsuit based on breach of contract will see one party allege that the other owes it money damages, the measure of which would be to put the non-breaching party into the position it would have been in had the breaching party performed its contract obligations as anticipated. These are known as "benefit of the bargain" damages. But sometimes a situation can arise in which both parties can claim that the other breached the contract, and these can make assessing a benefit of the bargain remedy more complicated.

What is a transfer tax on commercial real estate in Chicago?

An issue that may arise in a commercial real estate negotiation in Chicago has to do with a payment that one of the parties will be forced to make, but the payment does not go to either the buyer or the seller. Illinois imposes a transfer tax on the transfer of title to real estate. The county also collects a transfer tax when real property is sold or transferred.

How your Chicago business can avoid a costly contract dispute

The mistake small business owners frequently make that could tie them up in a nasty contract dispute is entering into a contract without realizing it. This happens because people think of a contract as a formal, written document that must be signed by all parties in order to be legally enforceable.

The "battle of the forms" under the Uniform Commercial Code

If your business involves buying or selling goods, then there is a good chance that your company uses purchase order forms or order acknowledgement forms, or receives such forms from business customers or vendors, or both. Have you ever looked at the reverse of these forms, particularly the ones you receive from other companies? What you see may surprise you.

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