E042 Myths and Misconceptions about Legal Contracts

Passionately Wrong Podcast Episode E042

Contracts

Key takeaway: Contracts - what are they, how they are created, when do we need them, 

Topics covered in this video: 

• James describes the requirements for contract formation - offer, acceptance, consideration
• People enter into contracts all the time online without realizing it, with each click of an “Accept” button
• What is the purpose of having a written agreement and what value good lawyers bring
• Randy and James discuss NDAs, and the dangers of liquidated damages clauses
• Is a written contract more binding than a handshake or an oral agreement?
• What about unusual, unexpected terms in online agreements
• Why big companies don’t usually come after individuals 
• The role of disclosure in contracts (and policies and rules)
• You can (and should) read the contracts you are asked to sign
• Pay attention to the flow of money (who pays whom when) because you can practically manage your risks well this way