Dien Rice
January 5, 2020, 06:06 PM
I always forget this, because I've taken them, but, it would bode anyone well to have at least a passing understanding of CONTRACTS.
I was lucky enough to have a contract law class in high school, and later, had to take them in college for my GRI (Graduate Realtor Institute). You don't have to be all attorney like, but you need to understand what your attorney tells you and puts in the contracts.
Since TOLL positions come about via agreements, it is a good idea to know the legal language of contracts, it is what Western Civilization is based on.
I have to agree with this!
Many toll positions can be enforced through contracts...
For example, take an exclusive distribution agreement. I believe Joe Cossman gave the example of one of his students, who took a product (some kind of plastic wheelbarrow? My memory could be faulty) from Europe, and got the exclusive North American distribution rights. That means nobody could sell that product in North America apart from him.
That's a toll position enforced by a contract...
I've often felt it is useful to know a good lawyer because of this! (Or to be one...)
The other place it's good to know about contracts is when paying people for a "work for hire" - such as for artwork, or for writing. You want to ensure that, in the contract, you own the copyrights, and any other rights that could restrict what you do with the work in the future! Otherwise, it could hamper your future business...
Great point!
Best wishes,
Dien
I was lucky enough to have a contract law class in high school, and later, had to take them in college for my GRI (Graduate Realtor Institute). You don't have to be all attorney like, but you need to understand what your attorney tells you and puts in the contracts.
Since TOLL positions come about via agreements, it is a good idea to know the legal language of contracts, it is what Western Civilization is based on.
I have to agree with this!
Many toll positions can be enforced through contracts...
For example, take an exclusive distribution agreement. I believe Joe Cossman gave the example of one of his students, who took a product (some kind of plastic wheelbarrow? My memory could be faulty) from Europe, and got the exclusive North American distribution rights. That means nobody could sell that product in North America apart from him.
That's a toll position enforced by a contract...
I've often felt it is useful to know a good lawyer because of this! (Or to be one...)
The other place it's good to know about contracts is when paying people for a "work for hire" - such as for artwork, or for writing. You want to ensure that, in the contract, you own the copyrights, and any other rights that could restrict what you do with the work in the future! Otherwise, it could hamper your future business...
Great point!
Best wishes,
Dien
