Wisconsin Contract Law – What Makes a Legally Binding Contract?

As a business owner, you probably enter into contractual relationships every day. Many of you deal with written contracts on a fairly regular basis. However, do you understand the basic concepts of contract law and what makes a legally binding contract? Do you know what to look for when reviewing contracts prepared by the other party, or your own attorney that make it a legally binding contract?

Under Wisconsin contract law, legally binding contracts, whether oral or written, require three basic components: offer, acceptance, and consideration. An “offer” requires that one party offers to provide something of value to another party, which is then “accepted” by that other party. “Consideration” is what the two parties are obligated to exchange with each other as part of the contract. Consideration must be something of value, and the consideration must be mutual, i.e. both sides must provide something of value under the contract. For example, an agreement whereby a party agrees to pay you $1,000.00, without receiving anything in exchange, is by definition not a contract.

Typically, consideration takes the form of money paid in exchange for the provision of goods or services. This holds true for multi-million dollar transactions between international conglomerates, and when you take your car in for repairs by a mechanic. One corporation agrees to pay millions of dollars for another corporation to develop specific software or some other product, and you pay your mechanic to replace your spark plugs. In either case, there is an offer, acceptance, and consideration, and therefore an enforceable and legally binding contract. Keep in mind, however, that legally binding contracts may require consideration other than money, for example when two parties agree to exchange parcels of real estate.

Under Wisconsin contract law, all contracts also come with an implied duty of “good faith and fair dealing” on the part of both parties to the contract. While this is admittedly a rather broad phrase, in essence it means that, once an agreement has been reached, both parties have an obligation to make reasonable efforts to fulfill their respective obligations, and to avoid taking actions that would hinder the performance of the contract.

Parties to contracts have the right to enforce them in courts of law. Generally, the remedies for breach of contract take one of two forms, either specific performance or monetary damages. Specific performance is an equitable remedy most often awarded in cases involving real estate transactions, and consists of the Court ordering the breaching party to fulfill its obligations, i.e. “specifically perform” the contract.

In most cases, the remedy for breach of contract is money damages, usually in the form of “consequential” damages. Consequential damages are those damages that flow naturally from one party’s breach of a contract, and can include the cost to replace a product that was never delivered, the cost to repair a defective product, and any resulting lost profits. However, consequential damages must be “reasonably foreseeable” at the time the contract was created in order to be recoverable.…

How Does a Panama Foundation Work?

One of the world’s best means of asset protection is a Panama private interest foundation. A Panama private interest foundation is an effective holding entity for assets. What follows is an overview of how such an entity works and how to set one up. As with all legal matters consult a competent authority to set up and maintain a Panama Foundation. Deal with or through someone who speaks your language. Make sure that you understand every step you take and why you are taking it. That having been said let’s start with what it will cost.

Cost of a Panama Private Interest Foundation

  • $300 per year to government, typically less than $400 a year to attorney
  • Minimum Capital Investment: $10,000
  • Attorney cost to set up: Less than $2,000

These are typical costs. Part of this is payment to the government and part is to the attorney. If prices you are quoted seem to high don’t be afraid to comparison shop. By all means make sure that you are comfortable with whom you deal with from the outset as these entities are meant to last for a very long time.

What a Panama Private Interest Foundation Is Used For

Use a Panama foundation as a holding entity for asset protection and privacy. Overseas assets of a Panama foundation are not taxed in Panama. The only taxation related to a Panama foundation would be if the foundation owned a business operating in Panama. In that case the business would be taxed, not the foundation. The foundation could receive post-tax dollars from the business. Consider joining a foundation with an offshore corporation, in Panama or elsewhere, for increased asset protection.

A Panama foundation can own assets anywhere in the world. This includes bank accounts, patents, real estate, companies, personal assets such as airplanes, cars, etc., royalty rights, stocks and bonds, and collectibles such as coins and stamps as a partial list.

An example of the asset protection of a Panama private interest foundation is that there is a three year statute of limitations on “fraudulent conveyance.” That is after three years no on can successfully challenge you in a Panamanian court for transferring assets to the foundation. Thus a Panama foundation will provide long term asset protection free from challenge of foreign jurisdictions after the initial three year period.

The Foundation’s assets can only be frozen if the foundation itself is accused of doing something illegal it its own business dealings. Standard advice for a Panama foundation is to use the foundation as a holding company. If a company owned by the foundation has to deal with legal issues they do not spill over into other foundation business.

Attorneys in Panama often suggest a Panama private interest foundation as a means of protecting you again a foreign attack on your assets as well as any possibility that Panama might ever change its laws regarding foreign ownership.

A Panama Foundation cannot engage in commercial activities in Panama but it can own a business that …

A Buyers Guide to Lima Model Trains

Ever since Lima Model Trains collapsed in 2004, collectors have been looking to stock up on the more unique models the company had to offer. What is interesting to note is the company was in the business of making train parts for the Italian rail system before they entered the industry of building model trains. The reason why this is so interesting is because the market the company entered into after the Italian rail system started building its own parts was the market of making toys. They offered boats, trains and cars. Many will argue they never stopped selling trains as toys, which is what led to the company struggling.

The reason why the models made by the company are sought after is because they are unique. The company produced over 100 different models in highly unique production runs. These were created specifically for stores such as the Cheltenham Model Centers D1015 Western Champion. This particular model is highly prized because it was one of the first production runs by the company in making trains for a specific buyer instead of just for general sale.

Another of the very popular Lima Model Trains for sale today is the General Motors 201 Class diesel locomotive. The Irish modelers desired this at the time because it allowed them to be able to create the first Irish scene specific RTR diesel locomotive. This was a production run which was created for Murphy Models of Dublin. The company has gone on to have Bachmann create a newer version of the Baby GM in 2008. The rich history has the original models being sold at high margins in auctions and is expected to go up in value over the years

Other limited edition pieces include the Class 50 Thunderer. This train immediately went up in value by 300{512b763ef340c1c7e529c41476c7e03bc66d8daea696e1162822661d30dde056} right after it hit the market. The price it is worth today is much higher because it is hard to find and if you are able to find it in good condition, you will be able to make even more money. This is a model that is best suited to sit in a scene rather than to roll down the tracks. This is partly because of the dubious quality, but also because you would do well to keep it in good condition should you want to resell it for a profit.

The original Lima Model Trains have a society of collectors, which believe they are highly valuable for a litany of different reasons. If you were looking to use the trains to drive around the tracks, you would do better to buy one of the recreated models sold by Hornby, Bachmann or Heljan. Not only will the quality be better, you will not have to worry about any structural problems the train might have. Since the trains were not made of high quality to begin with, the possibility of there being a problem with the old trains is very high. Save the original models as a collectors …

International Law Degree Benefits

There has been quite some issue regarding the type of legal degree that one can get. If you are thinking of a legal career, you have an option of the normal degree or the international law degree.

There are differences between these types of degrees. The first difference would be that a normal degree will enable you to get a job as a lawyer inside your locality.

For example, if you have studied law in the United States of America, chances are high that you will get a job in the U.S only.

On the other hand if you have the international law degree, you will most likely be able to get a job anywhere in the world.

This type of degree is the one that shows you how different laws work both in your country of residence and also in other countries.

It can be studied in any country due to the rise of demand for such a certification.

With the current rise in political crimes, there has been the formation of an International Criminal Court (ICC) which is used to prosecute perpetrators of crimes in different countries.

This court has been known to also prosecute perpetrators of crimes against humanity. In such a court, you will find that most lawyers who defend or prosecute people will have the certification of an international law degree.

Apart from the fact that there is a wider range of opportunities for international degree holders, there is also the benefit of a higher remuneration package as compared to those who have normal degrees.

An international certification in any degree or diploma program will give you a higher chance of getting a better remuneration when compared to having a normal certification of the same program.

This is why people with the normal local certification are seen studying for the international certification.

Job opportunities and increased remuneration are the main benefits of having an international certification in law.

Another benefit would be the possibility of having a wider experience. Having this certification would tend to let you experience different cases around the world.

As a result, you can have a wider experience in certain cases. This experience can in turn lead to a better performance in your field.

A better performance means that you will have a great career in a very short time. These benefits are the reason behind the buzz in international legal degree programs.…