Keeping owners, managers, and stakeholders up to date on issues affecting their businesses.
All of us have been responding to the challenges presented by the novel Coronavirus (COVID-19) in some form or manner within our personal lives. Many, if not most, of us are also making significant adjustments within the context of our professional lives, with many business owners and managers contemplating steps to help ensure the survival of their businesses. It should go without saying that many businesses have been reviewing existing contracts and arrangements with vendors, suppliers, customers, landlords, and subcontractors to determine the respective rights of the parties.
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Wisconsin Statute Section 134.49 enacted May 1, 2011, imposes certain disclosure, notice, and other requirements for Wisconsin “business contracts” that automatically renew.
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Many of you are doing business under what are called “executory” contracts: those in which the parties have promised to engage in some future action. (Contrast these to “executed” contracts which, once signed, have been fully performed with no promise of future performance.) Executory contracts, such as leases and offers to purchase, are common in real estate law.
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