Contractual Conundrums: What You Don't Know Will Hurt You (Q3 2021) (TX-143-24-010)-Contractual Conundrums: What You Don't Know Will Hurt You (Q3 2021)

Contractual Conundrums: What You Don't Know Will Hurt You (Q3 2021) - Article

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Contracts are often treated with a "cavalier" attitude, leading to potential problems and legal ramifications. All contracts must contain four elements: mutual assent, consideration, capacity, and legality. Additionally, contracts should address the "W's" - who, what, where, when, why, what kind of, how much, and warranties and representations. It is important to regularly review contracts to ensure they meet legal requirements and protect all parties involved. Practitioners in the hearing healthcare industry have various contracts with patients, vendors, and other business associates. Sales contracts with patients should include mutual assent, consideration, capacity, and legality. Other contractual concepts such as unilateral vs bilateral contracts, voidable vs void contracts, and implied vs expressed contracts should also be considered. Other important contractual concepts include assignment, delegation, assumption, restrictive covenants, and force majeure clauses. One should pay attention to morals clauses, notices to cure, and for cause or not for cause provisions. It is crucial to understand all elements of a contract and seek legal advice if necessary. Overall, it is essential to treat contracts seriously and ensure they are properly followed and understood to avoid any contractual conundrums.

Keywords

contracts

cavalier attitude

legal ramifications

mutual assent

consideration

capacity

legality

review contracts

hearing healthcare industry

sales contracts