THE RED FLAG ENTREPRENEURS SHOULD LOOK OUT FOR IN THEIR BUSINESS DEALINGS.

Below is a conversation between Mr Charles and his prospective business partner, Mr Patrick:

Mr Charles: Following our previous discussion regarding the business partnership we’ll be going into, my lawyer has prepared a contract. I’ll need your signature on this document. (Hands over a document to Mr Patrick)

Mr Patrick: Charles my man! Na wah for you o! But we have already agreed over drinks as gentlemen few days ago, there’s no need for all these formalities.

Mr Charles: But my lawyer advised we have a written agreement to that effect, and i agree with her.

Mr Patrick: O Please, leave all these lawyers. Charles you’ve known me for over 2 (two) years now. Listen, I’m a man of my words and I don’t joke when it comes to business.

Mr Charles: But…


Mr Patrick: Forget… don’t you trust me?…


Dear business owner, when you come across reactions like that of Mr Patrick, it’s without doubt a warning signal that such person has no intention accepting responsibility when it comes to honouring his/her terms of an agreement.

Worst still, a person like Mr Charles would have nothing to hold on to as reference to whatever agreement was made between him and his partner. 
“Handshake agreements”, “Gentleman’s agreements” or any other form of oral agreements are difficult to enforce in law.

So, whenever you come across prospective business partners with opinions like Mr Patrick as regards written agreements , FLEE 🏃🏾‍♂️ from any form of business transactions you might have with them.

Have you come across business partners such as Mr Patrick? What was your reaction? We’ll love to hear from you. In addition, should you need help with preparing airtight legal contracts, you may contact us through the link below.

Contacts

Cynthia Tishion
Cynthia is a lawyer and currently serves as Head of Corporate / Commercial Services at LEX – PRAXIS. With her passion for business and entrepreneurship, she is actively engaged in creating awareness on the legal aspect of businesses through various platforms such as writing, public speaking engagements.

Leave a Reply

Your email address will not be published.