Financial transactions happen every day all around the world. Interestingly, whether you’re buying a bottle of water or entering into a multi-million-dollar contract, many of the same basic rules apply. Among those rules are ones that govern what happens if you accidentally overpaid someone. It’s important to know what your obligations are when you pay … Read more
Landowners can allow others to utilize their property in multiple ways. One way is with a lease that generally grants a user (the tenant) the exclusive right to use and access the property during the term of the lease. A second option is to grant a license to use property. Unlike a lease, a license … Read more
You are probably not going to receive a nine-figure payment, whether by accident or on purpose. However, you can still learn some valuable lessons from a group of finance firms that did get $1 billion mistakenly. In a recent case in the U.S. Courts of Appeals for the Second Circuit, the Court addressed whether the … Read more
In most contracts, there is specific language regarding how and when a notice to the other party are to be sent. For example, the agreement might specify that notice of termination be given to a certain individual, sent by mail, and/or provided at least 30 days in advance of taking an action. The terms of … Read more
Necessity is the mother of invention, and when the COVID-19 pandemic first emerged in March 2020, the new reality of quarantine and social distancing required changes, and in some cases outright suspension, of a variety of laws and regulations. One new rule put in place at the time allowed remote notarization of legal documents in … Read more
The general rule in New York is that each party to a lawsuit is responsible for his or her own legal fees. One exception to this is where the parties to a contract include a provision for attorney’s fees in their agreement. This clause typically states that in the event of a dispute, the losing … Read more
Negotiating agreements via email is a common practice. However, many people do not realize that those communications may inadvertently create an enforceable contract. While New York law allows electronic signatures in certain instances, it was not clear until recently whether a party must type their signature into the email or if an automatic email signature … Read more
The general rule in New York is that consequential damages are not available to a seller of residential real estate when the purchaser breaches the contract of sale. Consequential damages are damages that result from a breach of contract but would not necessarily occur to every injured party; they are due to an injured party’s … Read more
During contract negotiations, parties often focus more on their verbal discussions than what is ultimately put in writing. However, when the optimism about the agreement fades and one party tries to avoid their obligations under a contract, the lack of attention paid to the details of the written contract can be problematic. A valid contract … Read more
Malpractice arises when a professional (doctor, lawyer, etc.) with a duty of care to a party acts in a negligent manner that causes harm to that party. Typically, the duty of care arises because there is a direct contractual relationship between the parties – that is, the plaintiff hired the defendant. However, in a recent … Read more