Never Rely on “Oral” Modifications to a Lease

Many landlord-tenant disputes arise because of differing interpretations of the parties’ lease. Remember, a lease is a written contract, and like any contract, a court will look to its express terms in determining what the parties agreed to. This can prove especially important when one party claims there was a

Oral Partnership Agreements Can Lead to Problems

Many people form partnerships to invest in other businesses. Such investment partnerships may include family and friends. While you may be tempted to rely on a handshake or familial goodwill in such circumstances, it is always advisable to get a partnership agreement in writing. Among other reasons, a written agreement

Dealing With Mortgage Lenders who Engage in Unfair Business Practices

If you are taking out a mortgage to finance a real estate purchase, it is always a good idea to work with an attorney, in part to protect yourself against potentially predatory lending practices such as excessive fees or hidden payments that can cost you thousands of dollars. Many buyers

What Are a Buyer’s Obligations Under an Asset Purchase Agreement?

When acquiring a business through an asset purchase agreement, it is important to understand what specific obligations the buyer takes on from the seller. A well-drafted purchase agreement should identify the exact assets and liabilities transferred from the buyer to the seller. Any ambiguity in the agreement may lead to costly litigation even

What Happens if I Don’t Get a Compensation Agreement in Writing?

When it comes to any type of business contract, it is always best to get it in writing. New York, like many states, has a Statute of Frauds, which specifies when agreements must be in writing to be enforceable in court. For example, a “contract to pay compensation for services rendered”

U.S. Supreme Court Rules Against Debtors in Second Mortgage Cases

Many New York homeowners are faced with two mortgages they can no longer afford to pay. In many cases, the amount they owe to the bank far exceeds the current market value of their homes. In order to avoid foreclosure, debtors frequently turn to the federal bankruptcy courts. But a

The ASCAP Royalty Decision and Understanding Business Agreements

The American Society of Composers, Artists and Performers represents roughly half the musical composers and song publishers in the United States. Basically, individual artists assign their publishing rights to ASCAP, who in turn licenses the works to others businesses. Since the 1940s, ASCAP’s business practices have been subject to a

Customer Surveys Admissible Evidence in Hotel Franchise Agreement Dispute

Hilton is one of the world’s best-known hotel companies. One of its more popular brands is Hampton Inn, which has about 1,800 locations in the United States. Hilton does not own many of its hotels, but rather signs franchise agreements with local owner-operators. Recently a federal appeals court decided a