Lee R. Schroeder is an Ohio licensed attorney at Schroeder Law LLC in Putnam County. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at Lee@LeeSchroeder.com or at 419-659-2058. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.
Sometimes circumstances change, and you want to know if you can get out of a contract. Maybe you found a better price or higher quality option. Four principles should be considered when contemplating ending a contract.
First, the person who signed a contract is most likely bound to the terms of the contract. Second, if a contract wasn’t in writing, it increases the likelihood that the contract can be terminated. Third, if money changed hands in relation to the contract, it’s more likely to be enforced. Finally, if a contract is found to be really one-sided, then the contract may be voided or changed later.
Sometimes, circumstances change. Other times, we change our minds on what we want. And at still other times, we find a better deal as to price or quality. Situations like these lead to an inevitable question: Can I “get out of” some deal or contract so I get into the new deal or contract?
Analyzing whether someone can enforce or terminate a contract primarily includes considering four principles.
Read more about contracts and what circumstances may allow for their termination in Lee’s article in the Lima News here: Legal-Ease: Can I get out of this deal?
Source: LimaOhio.com, “Legal-Ease: Can I get out of this deal?” by Lee R. Schroeder, October 14, 2017