As we have discussed on this blog before, contract disputes are complicated, but important, pieces of business litigation. Companies that enter into contracts (usually) have the best of intentions. However, unforeseen circumstances or logistical complications can make it difficult, if not impossible, for one party to fulfill its end of the contract. This is where a breach of contract can occur.
Many entrepreneurs want to jump in to the figurative pool without even considering the potential risks of operating a business, or even planning how their business should function. Picking the proper business structure is just one step of many that need to be taken in order to bolster your chances of operating a thriving and successful company. A business plan is a critical part of organizing yourself and your company so that you can have the best possible chance of achieving your goals.
You had an amazing idea for a business. It turned out to be quite profitable. Your business is growing. You need to hire more employees to keep up with the demand. There is only one problem. Your current employees have an ongoing conflict that is creating a negative work environment.
Waymo is the self-driving arm of Google's parent company, Alphabet. Reaching the promised land of a society where self-driving cars is the norm is every self-driving companies dream, and so it is important for all companies related to the self-driving vehicle industry to closely guard their business interests and protect their trade secrets and other forms of intellectual property. Waymo is doing just that after their former head of the division left the company for Uber with what they say is critical information about their self-driving technology.
Running a business requires you to track huge amounts of information about company sale, practices and more. It is difficult enough to plan and enact measures for the company's financial growth, but this is even more stressful if another party interferes and hurts your business.
Borders may define nations and states, but when it comes to business, many companies cross these borders and come together. However, this comes with its own set of complications. When businesses work together, the intent is for everything to operate smoothly and for there to be no legal issues. These moments aren't as common as you would hope, though. Many businesses run into legal troubles with other companies or even partners within their own company.
Contracts are formed with both symbolic and literal meaning. Symbolically, a contract represents a shared trust that two or more sides have with each other. Literally, a contract represents an agreed upon set of rules and guidelines for how the two or more sides will work together to achieve a common and mutually beneficial goal. Having the contract in written form and legally recognized is important, so that if one side doesn't hold up their end of the bargain, there is a legal process for the victimized side to seek justice.
The U.S. International Trade Commission announced recently that it will launch a probe into Ford's hybrid electric cars and their parts. The probe is occurring after two other companies filed claims against Ford that the motor vehicle giant infringed on their patents. Those two companies, Paice LLC and Abell Foundation Inc., have called for a limited exclusion order and a cease and desist. The ITC will move forward with the patent infringement probe.
In our last post, we talked about a lawsuit between Relativity Media and Netflix, one that stems back to 2010 when Relativity and Netflix were partners. Now locked in a breach of contract lawsuit, Relativity and Netflix are dealing with the public fallout from this. Relativity is also trying to claw its way out of Chapter 11 bankruptcy.
A successful business starts with a vision, but it doesn't end there. Turning that vision into a reality requires more than just hard work and dedication. It also involves countless practical and legal considerations.
In 2010, Netflix was on the precipice of a major popularity explosion. It was shifting from a DVD-via-mail company to an online streaming company. This would prove to be one of the most critical decisions the company would make in its brief existence, catapulting it to a new stratosphere of success as a media giant.