Recent Articles

Basic Elements of a Contract

There are four critical elements of every contract. You must have an offer, acceptance, consideration, and performance to have a real contract. There are issues for each element that can wreck havoc on interpretation. Learn the basics and gain an understanding of how a simple contract for a boy shoveling the snow from your driveway can go woefully wrong.

Contract

06/22/2014

A contract is defined as any oral or written agreement between two or more parties that exchange rights and/or duties between the parties.  Every contract has four essential elements.  The first two create ‘mutual assent’ or what is commonly [...]

Methods to Reduce Costs in New Home Construction

01/30/2013

This article describes methods to reduce the overall cost of construction for a new home.  The new home construction industry has been hit hard by the devaluing of real estate during the four year period of 2008 to 2012.  There is no reliable [...]

What is a Contract?

12/24/2012

Article 1 of the Uniform Commercial Code copyrighted by the American Law Institute is considered the primary source for the definition of a contract.  All of the 50 states have incorporated all or most of the definition of this code as statue.  A [...]

Use Phase Accounting in Construction – Part II (Trades)

12/21/2012

The most effective form of a financial feedback loop in residential construction is phase accounting.  Phase accounting is a subset of cost accounting and generates accurate information in the world of new home and residential additions for small [...]