Business Contracts Update: May 31, 2026
What is a contract? It is a legally enforceable agreement between the parties. Before you can understand the terms of the contract you must know who the parties are. Sometimes it is encumbered upon a judge to conduct a hearing to determine who the parties are and who agreed to what terms. A good example of the need to unmask the who and what is a pending case involving Mr. Trump and his attorneys about his slush fund taken from the U.S. Treasury. United States District Judge Order, May 29, 2026.
Business agreements must clearly express the expectations of all the parties. If one party does not perform the terms of the agreement, the aggrieved party should know in advance what remedies will be available. If specific performance is not possible, the damage liabilities should be considered prior to the execution of the agreement and subsequent breach. For information about arbitration agreements and their enforceability please see arbitration agreements.