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3 Things Every Studio Owner Should Know about Contracts


Every studio will deal with contracts, whether they are oral or written; and since they are legally binding agreements, it's a good idea for studio owners to have a basic understanding of contract law. A contract is a legally enforceable agreement between two or more people. Here are some things about contracts you should remember: 1. Unless the parties share a common understanding about the core terms and intend to be bound to those terms, there cannot be an enforceable agreement. Problems arise when the language of a written contract is unclear or when the parties share similar, but slightly different, interpretations of the agreement. 2. Contracts have to be mutual, with both sides agreeing to assume some obligation. If both parties do not take on an obligation, neither is legally bound. 3. Sometimes an oral contract can be every bit as binding as a written one. The parties have to express their agreement over the core terms, but there is no universal rule that every contract has to be written down to be enforceable.

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