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Business Partners Shaking Hands in Agreement

What is a partnership?

March 26, 2026 • By Jack Gilbert

A partnership is a business entity owned by two or more people (2+ partners) who share profits, losses, and management. Partners pool skills and resources under a partnership agreement or state default rules, creating shared duties and liability. This article explains partnership basics, types, and key legal and tax considerations. A partnership is a business […]

Sole Proprietor Working at Desk with Laptop

Business Law Estate Planning

What is a sole proprietorship?

March 26, 2026 • By Jack Gilbert

A sole proprietorship is a one-owner, unincorporated business where the owner and business are legally the same. You report income on your personal tax return and you’re personally liable for business debts. This article explains how sole proprietorships work, pros and cons, and when to consider another entity. Understanding Sole Proprietorships A sole proprietorship is […]

Business Professionals Discussing Llc Formation

Business Formation Business Law

What is an LLC?

March 26, 2026 • By Jack Gilbert

An LLC (limited liability company) is a U.S. business entity that shields owners’ personal assets from most business debts and lawsuits. It combines pass-through taxation options with flexible management and fewer formalities than a corporation. This article explains how LLCs work, key benefits, and when forming one makes sense. A Limited Liability Company (LLC) is […]

Business Professionals Reviewing Corporate Documents

Business Formation & Governance Corporate Law

What is a corporation?

March 26, 2026 • By Jack Gilbert

A corporation is a business structure that exists as a separate legal entity from its owners, typically providing limited liability protection. It can own property, enter contracts, and sue or be sued in its own name, independent of shareholders. This article explains core corporate features, how it operates, and why businesses choose incorporation. A corporation […]

Two Professionals Shaking Hands over Documents

Business Law Contract Law

What is a memorandum of understanding?

March 26, 2026 • By Jack Gilbert

A memorandum of understanding (MOU) is a written agreement between 2 or more parties that outlines key terms and intended next steps. MOUs are usually non-binding but can become enforceable if they include clear commitments and required legal elements. This article explains what an MOU is, what it typically includes, and when you may need […]

Business Professionals Reviewing Letter of Intent Document

Business Law Contract Law

What is a letter of intent?

March 26, 2026 • By Jack Gilbert

A letter of intent (LOI) is a written document that outlines the main terms of a proposed deal before the final contract is signed. It shows serious intent to negotiate and often states which provisions are binding or nonbinding. This article explains what an LOI includes, its legal effect, and when to use one. Understanding […]

Judge Reviewing Contract Documents in Courtroom

Business Law Commercial Litigation

What is parol evidence rule?

March 26, 2026 • By Jack Gilbert

The parol evidence rule generally bars using prior or contemporaneous oral or written statements to contradict or change a final written contract. Courts apply it to protect the integrity of integrated agreements, with key exceptions like fraud, mistake, ambiguity, or later modifications. This article explains the rule, common exceptions, and how it affects contract interpretation […]

Business Law Contract Law

What is a statute of frauds?

March 26, 2026 • By Jack Gilbert

The statute of frauds is a contract law rule that requires certain agreements to be in writing and signed to be enforceable. It typically covers contracts like real estate transfers, agreements that can’t be performed within one year, and surety promises. This article explains why the rule exists, what contracts it applies to, and common […]

Judge Gavel Representing Legal Unconscionability Concept

Commercial Litigation Consumer Protection

What is unconscionability?

March 26, 2026 • By Jack Gilbert

Unconscionability is a contract defense that can make an unfair agreement—or a specific clause—unenforceable when there’s both procedural unfairness (how it was formed) and substantive unfairness (what it requires). Courts use it to prevent one-sided terms imposed through unequal bargaining power, deception, or lack of meaningful choice. This article explains the legal definition, key elements, […]

Business Law Contract Law

What is a voidable contract?

March 26, 2026 • By Jack Gilbert

A voidable contract is a valid agreement that one party can legally cancel due to issues like fraud, misrepresentation, undue influence, duress, or lack of capacity. Until it’s voided, it remains enforceable and may also be ratified, making it binding despite the defect. This article explains what makes a contract voidable, common real-world examples, how […]

Torn Contract Document Representing Void Agreement

Business Litigation Contract Law

What is a void contract?

March 26, 2026 • By Jack Gilbert

A void contract is an agreement that is legally unenforceable from the start, as if it never existed. It typically occurs when a deal violates the law or public policy, or lacks an essential element like lawful purpose or competent parties. This article explains common reasons contracts are void, how void contracts differ from voidable […]

Quasi-contract Concept Illustrated with Legal Elements

Business Litigation Civil Litigation

What is quasi-contract?

March 26, 2026 • By Jack Gilbert

A quasi-contract is a court-imposed legal obligation requiring someone to repay a benefit they unfairly received, even when no valid contract exists. It’s used to prevent unjust enrichment—such as when services or goods are accepted without an agreed price or when a payment is made by mistake. This article explains the definition, key elements, common […]

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