Montana Clauses Relating to Termination and Liquidation of Venture
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How to fill out Clauses Relating To Termination And Liquidation Of Venture?
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FAQ
All real estate contracts in Montana must be in writing and signed by both parties to be legally enforceable.
'Get it in writing' However, he also noted that in Montana, emails or text message, such as the ones exchanged between Kraft and Neff, could rise to the level of a legally binding contract. ?Certainly text, emails can rise to that level,? said Willett. ?We have a law in Montana that allows for that.?
What is a Liquidated Damages Clause? A liquidated damages clause is a means of ensuring that you are compensated if the party you hired fails to do the job. It should include a clause that sets out the specific amount of damages you are to receive if a specific type of breach occurs.
Montana law provides, ?All contracts may be oral except such as specifically by statute to be in writing.? MCA 28-2-901.
For contracts in written form, the statute of limitations is eight years. (Refer to §27-2-202(1).) For oral contracts, the statute of limitations is five years. (Refer to §27-2-202(2).)
Put simply: yes. From a legal standpoint, verbal contracts can often be as valid as written contracts. They may be extremely difficult to regulate but you should find comfort in knowing that there are applicable state and federal laws that can help enforce such contracts and protect your legal rights.