When is a Breach of Contract Material and why does it matter?

A and B enter into a contract. B breaches the contract. A can cancel the contract if B committed a material breach. In other words, only a material breach allows the non-breaching party to cancel the contract. This is an unwritten rule under New York law contained in every contract, unless your contract specifically provides … Read More

asset purchase agreement

The Basics of an Asset Purchase Agreement

Most buyers and sellers of a small business will encounter an asset purchase agreement as part of the transfer of the business from the seller to the purchaser.  While we do not recommend drafting and negotiating an asset purchase agreement without the help of an attorney, you, as the seller or purchaser of the business, … Read More

Common Mistakes in Small Business Purchase Agreements

I get it, when you buy or sell a very small business, you don’t want to spend an arm and a leg on lawyers to draft all the necessary documents. Thus, many people look to templates or whatever forms their business broker has and go ahead without a lawyer or accept very simple purchase and … Read More

Can I get out of that contract

Can I get out of that Contract?

You may have signed a contract for your small business that you really shouldn’t have.  Or you are being asked to perform under an agreement and think that such demand is not what you agreed to or just grossly unfair.   So you ask yourself, “can I get out of that contract?” What does your Contract … Read More

Promissory Notes

Promissory notes are a common instrument in the financial world, but do you know what they are?  Here are the basics: What is a Promissory Note? A Promissory Note (also known as “note” or “negotiable instrument”) is a written statement that evidences that money is owed to you by the author (also known as “maker”) … Read More

how to execute a contract

How to Execute a Contract – Good Practice Checklist

You put it in writing, you aced the negotiations, and you are ready to execute the contract.  Don’t let down your guard at the last minute!  The following points are worth noting when executing a contract in New York.  While neglecting to follow the below points may not result in an invalid or unenforceable contract … Read More