Archive for category Business Law
Selecting Business Names and Intellectual Property Law
Posted by admin in Business Law, Property Law on October 1, 2011
Whether a software license agreement is properly constructed for a transaction depends on a range of factors. Of course, management of intellectual property rights for the copyright owner is a key area for close consideration. This entails defining the territory – usually countries – for the use of the software.
Software Development Contracts
A key indicator for complexity is whether the software licence is or will be part of a larger agreement to develop software from scratch – that old-fashioned word bespoke may ring a few bells. When computer software is developed under a contract, the proper advice is that a document specifying what the software will do at the end of the day should be incorporated into the agreement. Whether it is referred to as the functional specification, functional requirements or the requirements document is immaterial. What is important is that it defines with reasonable clarity what the software will do; and of course on a functional level.
Packaged Software Contracts
On the other end of the spectrum is a software licence for packaged software. In this case, the software is not to be built to any person’s particular specification, but rather the software supplier has gone to trouble of identifying a need in a market and constructed the software to fill the gap in the market. Sometimes – and more frequently – niche software is built with configuration options to deal with a broad array of configurations to suit different flavours of businesses. So, an accountancy package may be tailored to businesses from 10 people to 1,000 people. The point is this: software of this nature is fundamentally packaged and is sold as it is. There may be a requirement for extended configuration to suit the particular client’s needs, but in the end it is packaged and not software built to anyone’s particular specification, as is the case with software development contracts.
The difference may be obvious in this regard, but time and time again the wrong contract is used due to misconception as to the fundamental nature of what is being delivered. Read the rest of this entry »
Why a Business Lawyer Is a Necessity for Contract Law
Posted by admin in Business Law, Lawyer on October 1, 2011
Contract law covers enforceable agreements between parties with mutual obligations. They can be written, oral, or implied. Monetary compensation, specific performance, or injunctions are the remedies acquired by an attorney of law for breach of contract.
Following are the elements of a legal contract:
• Offer and acceptance
a. Express – Can be oral or written
b. Implied – The actions and circumstances of the parties form the contract. It is unwritten. It can be legally binding on both parties because of the intention of the parties to act. For example, use of water in a home is an implied contract with the utility dept of that city.
• Consideration – an exchange for something
• Capacity
a. Undue influence – There must not be undue influence. A person in authority cannot influence someone to enter into a contract.
b. Minors – A person must be over the age of 18 to enter into a legal contract, or the contract is voidable. If the minor turns 18 and has not gotten out of a contract, the contract is considered ratified.
• Intent – The parties must have the essential intent of entering into a contract. Intoxication, error, insanity, etc., is cause for void.
• Legal – For example, a real estate contract is void if not in writing. Read the rest of this entry »