Lynda I. Chung, a litigation partner with Valensi Rose, spoke to the Korean American CPA Society of Los Angeles via Zoom about “Contract Law 101 For Small Business Owners.”
More than 70 accountants and professionals attended the online discussion, including a number who participated from Korea.
The Korean-American CPA Society of Southern California is the largest Korean-American member association in the U.S. It has over 500 members, who include professionals in public practice, industry, government, education and consulting.
Lynda discussed the serious risks of relying on an oral agreement and the difficulties in enforcing such an agreement. Written contracts provide far more certainty and enforceability, and are legally required in many instances.
Contracts that must be in writing include real property purchase agreements, contracts that cannot be completed within one year, purchases of goods in excess of $500, loan agreements greater than $100,000 and pre- and post-nuptial agreements, just to name some.
California law also requires that certain contracts be translated from English into the language of one of the parties, such as installment sales, auto financings or leases, leases for more than one month, reverse mortgages and many other agreements.
In addition, Lynda offered practical tips from her experience in enforcing contracts in both civil and probate courts over the last two decades.
A member of our Litigation Group, Lynda specializes in probate and business litigation matters, including will contests, trust contests, financial elder abuse, fiduciary accounting, real property and construction contract disputes, creditor's rights, fraudulent transfers, and disputes between shareholders or members of closely-held companies.