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Legally Risky Situations

Some situations may result in legal problems in the future--for example, a partnership agreement that did not provide for an orderly dissolution if a partner dies. This is not a problem until the partner dies. Once the death occurs, it is difficult and expensive to remedy the problem.

When a legally risky situation is identified, the client must decide if the remedy is cost-effective. The incomplete partnership agreement would cost little to correct, and the benefit would be great. In cases in which the potential costs are both well known and small, it may be cheaper to accept the risk than to invest in a remedy. An example is the purchase of an inexpensive, easily replaced office machine. The warranty provisions of a sales contract for an adding machine may be ambiguous, but it is not worth the trouble to have an attorney redraft the contract.

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