Clients often want to know what is the legal effect of orally accepting a settlement offer. The majority of settlement agreements must be signed by both parties to be effective. Essentially, a settlement agreement is a contract, and therefore both an offer and an acceptance are required, but an Oklahoma car accident lawyer can provide you with more detailed information regarding settlement agreements.
Sometimes a verbal acceptance of a settlement offer will give rise to a binding contract, and in this case, the settlement agreement is typically codified in writing and signed by both parties. It is important to speak to an attorney about how long it takes to settle an injury case or any settlement agreement affecting your legal rights. If you do not know what you are signing, or if you have reservations regarding any document, do not sign anything until you speak to a knowledgeable attorney.
Settlement Offers and Civil Lawsuits
Settlement offers may come at any time during a civil lawsuit. It is essential to establish that the defendant is aware that you are amenable to settling the case before trial. The majority of all civil lawsuits are settled, and the majority of all criminal cases are resolved through plea agreements, so it is more probable that your case will settle rather than go to trial.
Therefore, compromise is a fundamental aspect of all cases litigated in state and federal courts in the United States. It is important to recognize that settlement offers may be presented at any time before and during the trial. Some cases settle during the trial, while other cases settle the day before the trial is scheduled to begin.
Also, civil lawsuits are more likely to settle if an individual has legal representation. It is, therefore, essential to speak to a personal injury attorney to determine if you should or should not accept a settlement offer. It can be beneficial to engage in settlement negotiations so you can maximize the value of your case.
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Accepting Settlement Offers Early During a Civil Lawsuit
An individual party will generally decide whether or not to accept a settlement offer after consulting with their attorney. The attorney should advise the client regarding the potential costs and benefits of accepting a specific settlement offer. Overall case strategy and other factors may influence whether or not a person decides to accept or reject a settlement offer.
Insurance companies will often attempt to have a party accept a settlement offer early during the case. Sometimes insurance company representatives will attempt to intimidate you and claim that it is possible you will receive nothing if you do not accept a settlement offer right now. Do not let the insurance company push you around.
You do not want to accept a settlement offer before the discovery phase of litigation is complete. Also, you do not want to accept any settlement offer before you complete your medical treatment. It is essential that you know the full extent of your injuries and any necessary surgery before you accept a settlement offer.
The Choices Available to You If You Verbally Accept a Settlement Offer
If you provide a verbal statement accepting a settlement offer, then you may either go ahead and accept the offer or you can rescind the agreement by means of a written document. You may not have signed a release of liability, and if this is the case, then you more than likely can continue negotiating. However, you need to inform the insurance company as soon as possible, and you need to provide this information in a written form sent by certified mail.
It is also generally a good idea to consult with an attorney if you want to rescind a settlement offer. You may need to obtain advice regarding a specific practice area. Getting information from a reliable source is essential if you are trying to continue negotiating for a more favorable settlement offer.
You may need to learn more about the facts of your case before you can accept a settlement offer. It is not typical for cases to go all the way to trial, but it is also rare for cases to settle at an early point in the case. Sometimes prospective clients may go into settlement negotiations without having a complete understanding of the facts of their case.
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The Difference Between Verbally Accepting and Signing a Settlement Offer
Signing an offer of settlement is different from verbally accepting a settlement offer. You typically have the right to rescind a verbal acceptance of a settlement offer, but this is not always the case. However, it is nearly impossible to rescind a written acceptance of a settlement offer.
You may have to establish that you were coerced into signing the settlement agreement if you want to rescind the contract. It would be extremely arduous to prove this, and it would also take a significant amount of time. Therefore, you should always consult with your attorney before signing any legally significant document.
After you sign the settlement offer, you will be forfeiting your right to assert any legal claims against the defendant. By accepting the settlement offer, you are giving up your right to pursue your legal claims. Essentially, the insurance company wants to pay you a low settlement amount so it can reduce the costs of being found liable for injuries.
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Contact BDIW Law Today and Schedule a Free Consultation
The attorneys at BDIW Law have the experience, skill, and knowledge necessary to handle every aspect of your civil lawsuit. If you are searching for legal representation, then contact us today to schedule a free consultation. We are here to help our clients pursue monetary compensation for their injuries.
Sometimes it is difficult to know where to turn after suffering injuries during an accident. However, you need to find out which legal options are available to you, and you need to determine the best course of action which will enable you to enforce those rights. Consulting with an attorney is one of the best things you can do before you make any other decisions about asserting legal claims against the party who caused your injuries.
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