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How Do You Respond to a Reservation Of Rights Letter?
By Christopher L. Strohbehn
Email: cstrohbehn@mallerysc.com
Phone: 414-727-6291
Many businesses and individual insurance policyholders are targets of civil claims each year for a variety of reasons. Policyholders are often faced with allegations of negligence or intentional acts, mistakes made by employees, defective work products or other sorts of property damage. In those cases, if that business or individual has insurance coverage, then they can tender that claim to its insurance company to provide a defense and indemnification
However, insurance companies will often agree to defend claims only temporarily pending an investigation. In those cases, the insurance companies will send their insureds letters indicating that while they are providing a defense, they are doing so subject to a "Reservation of Rights.’
What is a Reservation of Rights Letter?
In the event you receive a Reservation of Rights letter, one thing is certain, there is a risk you may not be covered for something that could be significant financially to you or your business. Therefore, you should reach out to a lawyer experienced in insurance coverage disputes to discuss your potential risks and options.
How To Claim Abandoned Real Estate In Milwaukee
We have all heard the stories. A long-lost aunt or uncle dies with no heirs, and their mansion and riches sit abandoned, waiting only for some distant relative to claim them. Unfortunately, fantastical claims like this have little connection to reality.
While the Wisconsin Department of Revenue (DOR) holds over $600 million in unclaimed property, real estate is not among its unclaimed holdings. Claiming abandoned real estate in Milwaukee is much more complicated than finding out about a long-lost relative. Usually, the Wisconsin School Fund gets the property of an intestate estate with no known heirs. Sometimes banks must foreclose upon abandoned properties and sell them at a sheriff’s sale at a depressed value.
There are also ways to claim property that was not previously yours through adverse possession. Adverse possession laws are complicated and have strict guidelines in Wisconsin.
Wisconsin Enacts New Limited Liability Company Laws
Wisconsin recently enacted new laws for LLCs, which will take effect January 1, 2023. The updated laws are intended to modernize Wisconsin’s business entity laws, harmonizing them with each other and making Wisconsin a more attractive place to do business. Businesses and holding companies operating as Wisconsin LLCs should pay very close attention to these changes, a few of which we highlight below.
| Category | Prior Law | New Law |
| Articles of Organization | Must contain a fixed set of information, no more, no less. | Information may contain is broadened. Additional information may be included. Notably, an LLC is no longer required to list its management type (member-managed or manager managed); however, they may still include management if you choose. |
| Operating Agreement | Operating agreements are not required, but if they exist, they must be in writing. | An operating agreement is required but it may be written or oral and express or implied. |
How Do You Prove Breach Of Contract In Wisconsin?
Wisconsin business owners know that honoring contracts is the bedrock of doing business. Whether you need a solid understanding of contract law to help run your business or need to understand how you can prove breach of contract after a deal goes bad, the team at Mallery s.c. can help. In this post, we will explain the basics of Wisconsin contract law and what to do after another party breaches a contract with you.
What Is a Breach of Contract?
In Wisconsin, a breach of contract happens when a party to a contract fails to abide by the contract’s terms. Proving breach of contract in Wisconsin requires more than merely asserting that one party has not fulfilled their end of the bargain. To prove breach of contract, you must show that the other party’s actions materially reduced the value of the contract or that their actions fundamentally altered the outcome of the agreement to the extent that one party would have the right to terminate the contract.
Are Supply Chain Issues Force Majeure?
With the United States and the rest of the globe experiencing economic downturns, many distributors and suppliers are questioning whether they can perform under their existing contracts. Likewise, consumers are wondering if they’ll receive what they purchased online. Supply chain issues are rampant, affecting the availability of infant formula, cat food, and any number of products and services
Force majeure clauses excuse parties from performing under the contract in limited situations. If you’re experiencing supply chain woes, you may wonder, “Are supply chain issues force majeure?” The answer depends on the applicable law and the unique circumstances of your case.
Mallery, s.c. provides sophisticated legal services of a quality you’d expect at a large firm but the personalized attention of a boutique firm. We provide legal counsel to businesses and individuals throughout Wisconsin and take pride in our diligent and compassionate approach
Essential Elements Of A Strong Arbitration Agreement In Wisconsin
Most business enterprises operate on a foundation of contracts. Vendor agreements, employment agreements, stockholder contracts, commercial deals, and more create a complex network of features that comprise and support the business. With each contract, the potential for growth and disputes are ever-present. While business owners can’t eliminate the possibility for conflict to arise, smart entrepreneurs can take steps to limit the likelihood that the argument will end up in court. Litigation can impose a financial and reputational burden on businesses. Arbitration, on the other hand, provides a streamlined and cost-efficient alternative to disputes
In this post, we help you understand what makes a contract legally binding in Wisconsin and explain the purpose and elements of a strong arbitration agreement
Mallery, s.c. provides effective legal services to businesses throughout Wisconsin. When you work with us, you typically work directly with a shareholder-level attorney at our firm. Because of our efficiency and extensive knowledge, we provide high-value legal services, often at a much lower cost than clients may expect.
Do All Partners Have To Agree To Dissolve A Partnership?
Partners can create a partnership easily—often with nothing more than a handshake or a plan written down on the back of a napkin. However, the trade-off for that ease is that partnerships can often be more difficult to end, especially when only one partner wants out. In many cases, when the economy or business circumstances change, entrepreneurs find themselves asking, Can one partner dissolve a partnership?
There are many reasons partners may want to end a business partnership. One partner may want to retire, and the other may want to keep the business going. Or the partnership may have been created to accomplish a specific goal, and once the goal was met, one person may want to wind up the business, and the other may not. So, do all partners have to agree to dissolve a partnership? It depends. At Mallery s.c., our team helps Wisconsin entrepreneurs understand how partnerships work and how they can be dissolved so that they can make the best decisions for their business
What Makes A Contract Legally Binding In Wisconsin?
As your business relationships become more complex, it becomes increasingly important to understand what makes a contract legally binding in Wisconsin. This will help you better assess risk, manage your liabilities, and understand your rights and obligations.
Contracts are legally enforceable promises. Laws concerning contract formation in Wisconsin are meant to facilitate commercial transactions and prevent underhanded dealing. Generally, when a contract is in place, that contract’s terms govern the relationship between the parties as it pertains to the agreement’s subject matter. What makes a contract binding comes down to whether the contract has all the necessary elements to make it enforceable.
What Does a Contract Need to Have to Be Legally Enforceable?
There must be certain elements in place for a contract to be legally enforceable. What makes a contract binding is the presence of four elements: an offer, acceptance, consideration, and a lack of defenses that would prevent the formation of a contract. For certain types of transactions, the agreement must also be in writing
What Are The Top Remedies For Breach Of Contract In Wisconsin?
Parties enter into a contract with the goal of everything going as planned. But unfortunately, things can happen that prevent people from performing the contract. When the unexpected happens, it’s essential to understand the legal remedies for breach of contract and to contact an attorney to protect your legal rights
Mallery s.c. has years of experience helping individuals and businesses throughout Wisconsin successfully navigate even the most complex contract dispute. We’re here to help.
Contract Law Basics
Before discussing remedies for breach of contract in Wisconsin, we need to review some contract law basics. After all, you can’t get any remedy for a breached contract unless it’s binding. What’s more, you may be surprised to discover that not all breaches are equal and thus merit a substantial, or any, remedy
Elements of a Binding Contract–
There are five essential elements of a binding contract:
How Can Real Estate Investors Protect Themselves From Lawsuits?
With the hot housing market, people are buying and selling homes in Wisconsin at an increased rate. The current housing market brings real estate investors, new and seasoned, plenty of opportunities.
Investing in real estate can provide you with long-term security and income, or it can lead to financial headaches. Fortunately, there are steps that you can take to protect yourself from lawsuits.
Don’t Skip the Home Inspection
Whether you plan to live on the property or rent it out, it’s critical to have a home inspection before you sign the contract.
In the rush to beat the other buyers, many real estate purchasers chose to waive the home inspection contingency in their contract. This meant that they would buy the house without having any inspection before purchasing the property. If they did have a home inspection done, they may have waived their right to ask the seller to repair the property. This type of offer may appeal to a seller and get you the contract; however, the cost of this shortcut may be great.
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