Welcome to OutLAWed, Way Law’s Blog. As much I love practicing law, I really love running my mouth about law. But after noticing my office neighbors’ sudden fleetness of foot at the prospect of riding the elevator with me, I thought it might be better to put my passionate rantings to a different use.
So with that, I hope you enjoy your visit here and find some useful thoughts and tidbits that you can apply in your business or non-profit. One of my central goals in life is to promote understanding. Let’s accomplish that together. Check back often for updates.
The United States Court of Appeals for the Fourth Circuit, not Way Law PLLC’s office
*Also, allow me to lawyer you for just a moment. The information here is NOT legal advice, so please contact an attorney, even if it’s not one from Way Law, before acting.
Starting a tax-exempt, non-profit organization can be a challenging adventure, but is certainly worthwhile. It creates an opportunity to help those in need, rally around a cause, give back to a community, and create something lasting that you can be proud of. To be recognized as a tax-exempt organization, a non-profit must submit an Application for Recognition of Exemption Under Section 501(c)(3) to the IRS. This application (Form 1023) is quite comprehensive and can appear daunting to new and small non-profits. (more…)
You just brought in a new client. You know you should send them a contract to look over and sign; you’ve read that oral contracts are a bad idea. It turns out your client read the same post, and emails you asking for you to send your contract right away. Your pulse quickens, “But… but… but… I don’t have a contract” you think to yourself. (more…)
Letters of intent (a.k.a. term sheets) are frequently used in commercial transactions as parties negotiate the design of their deal. Even though they are preliminary documents, and generally non-binding, they are fiercely negotiated. This makes sense. Once something is offered to an opponent it can be difficult to pull back from it. A letter should focus on key terms, the key terms being what ever is most important to you. These key terms may include business elements and legal elements, but need not include every term of the final contract. (more…)
A contract requires three things: an offer, an acceptance, and consideration. You’ll notice one thing missing from this list; a contract is generally not required to be in writing. (more…)