Letters of Intent in Mississippi Business Deals: What Creates a Binding Legal Obligation?
You just shook hands with a buyer for your marina in Biloxi. Now, a two-page document called a letter of intent sits on your desk. Everyone keeps saying it simply sets up the real contract. Then the buyer starts moving equipment onto your dock before closing day. They tell vendors the sale already happened. You start to wonder if that quick signature locked you into something you cannot undo. Your stomach drops as you reread the page, looking for an exit you're not sure exists. At Rushing & Guice, we help Gulf Coast business owners read letters of intent ...
Force Majeure Clauses and Mississippi Business Contracts: Protecting Your Company From Unforeseeable Events
A hurricane makes landfall on the Mississippi Gulf Coast. Roads close, power disappears, shipments stop, and a vendor suddenly cannot deliver. Then comes the notice: the other party says the storm is a “force majeure” event and claims it no longer has to perform. For a business owner facing force majeure under a Mississippi contract, the practical question is straightforward: Does this clause actually let them off the hook, or does it let me off the hook? The answer usually requires more than identifying an extraordinary event. It requires examining the contract language, what actually prevented performance, what the parties ...
What Does a Business Attorney Do in Mississippi?
The vast majority of businesses in Mississippi are owned and operated by small business owners. Running the business involves making important decisions every day, and mistakes can be costly. Being able to rely on the support of a knowledgeable business attorney can be of great assistance, ensuring that the decisions you make are the right ones for the long-term health of your business. A business lawyer can do a lot more than help resolve business disputes. They can be involved from the very start of your business and assist across many key areas of operations. Let’s take a deeper ...
What Are the Benefits of Using an Attorney to Draft a Business Sales Agreement?
Legal Help for Drafting Business Sale Contracts: Why It Matters If you’re selling your business, it may be tempting to think that you can increase your returns by saving on the costs of hiring a lawyer to draft or review the business sales agreement. This is dangerous thinking, as using templated agreements can lay you open to a wide spectrum of problems that can end up costing you far more than lawyer fees. A qualified lawyer should review any major business contract you enter into so that you are fully protected under Mississippi law—and this includes sales agreements. ...
A Small Business Owner’s Guide to Environmental Laws
Environmental laws are intended to protect and preserve natural resources, from the air we breathe to the water we drink. Small business owners will likely encounter business laws and environmental laws that will affect their operations. For instance, if a business uses a vendor to dispose of chemicals, solvents, or lubricants used in its operations, the disposal is an environmental law issue. In this case, the waste must be disposed of in a certain way, and it is the business owner’s responsibility to ensure that it complies with the law. Otherwise, they can face environmental disasters and serious fines and ...
Mississippi Business Law and Contracts
When it comes to practicing business law, contracts between two people or entities can be the source of many litigations and therefore the wording of the contract must be carefully considered if both parties are to attain their goals. The Mississippi Bar Association defines a contract as a binding promise between two competent parties that is enforceable by law. It must also include the exchange of something of value between these two parties. What Makes Up a Contract? There are two basic parts to a contract – the offer and the acceptance. The offer to do something for a ...
Changing Your Business Entity or State of Incorporation: Why and How
In a previous post, we discussed the importance of choosing the right type of entity for your new or growing business. From shielding assets, to determining control of the business, to tax issues, many factors go into deciding which corporate form is right for your business. Many similar issues are considered when choosing whether your entity will be incorporated in Mississippi or another state, such as Delaware. …
