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Is a partnership agreement confirmed through email binding?

Is a partnership agreement...

Is a partnership agreement confirmed through email binding?

Lawyer's Assistant: What state is this in? It matters because laws vary by location.

California

Lawyer's Assistant: What steps have been taken so far?

10 months of development and specifically 5 months involving the current members.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Business models has been built. Marketing activations have been executed, money has been borrowed and invested into the business through my personal contacts. In the process I have opened up all my books and turned over operational control as well as negations with my current landlord to the acting CEO and CFO to transfer the lease into the new corporation. Once the transition was approved they terminated my participation in the partnership and are currently trying to leverage all the relationships that were introduced by me.

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Answered in 1 minute by:
3/20/2018
legalgems
legalgems, Lawyer
Category: Legal
Satisfied Customers: 12,570
Experience: Just Answer consultant at Self employed
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Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

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Customer reply replied 1 month ago
Thank you! Standing by

I am very sorry to hear this.

There are several ways in which a contract can be formed:

1. oral contract- basically a verbal promise. Testimony and witnesses can help establish an oral contract, as well as partial performance (partial payment of funds due, partial services rendered, goods delivered, etc)

2. implied contract-the court reviews the actions of the parties to see if there is an implied contract - similar to the evidence in #1 above.

3. written contract- this is the "traditional contract" where it is drafted and then signed and dated by both parties; it can also exist from a compilation of texts, emails, writings, etc.

Now to be a binding contract there must be:

1. offer

2. acceptance

3. meeting of the minds (intent to contract)

4. consideration (value given/received; a change in one's legal position).

So the court will look at the situation in the entirety and try to determine whether the parties intended a contractual relationship; if so they will then determine the parties' respective rights and obligations by trying to recreate the situation, and to come up with a solution that effectuates the parties' intent (the intent as indicated during negotiations).

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The court may determine the parties' respective partnership interest, as well as order a buy out or even dissolution.

For disputes under $25K:

http://www.courts.ca.gov/1064.htm

Over $25k:

http://www.courts.ca.gov/1061.htm

The court will expect a party to first attempt resolution via a demand letter setting forth desired outcomes with a respond by date, sent certified/registered.

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Customer reply replied 1 month ago
Thank you for the feedback. I will get some internal advice and contact you shortly.

You are most welcome; thank you!

legalgems
legalgems, Lawyer
Category: Legal
Satisfied Customers: 12,570
Experience: Just Answer consultant at Self employed
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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