Business Law (Contracts).
- Contracts which are mostly applicable in businesses are legally biding agreement between two or more parties with clear terms and conditions attached to them and they involve making promises to do something in return of a benefit.
- A. Background
Contracts have been used in businesses for the longest time possible and nowadays, it is very rare for any two parties to enter into any agreement without written down contract.
B. Idea behind the contracts.
Human beings are prone to changing of minds and without written down contract to prove that there was a contract between any two people, and then one might deliberately refuse to owner the agreement. This make contracts very important for individuals.
- Philosophy of contracts
A. Understanding of the contract.
- For signing of contracts, someone must know how to read and write.
- He/she must understand whatever is being written in order to avoid future misunderstanding.
- Someone must be taken through the contract before signing it.
B. Formats of contract forms.
a. Some contracts are given in a form like structure only to be filled by the parties involved.
b. Sometimes other contracts are so complicated that it forces the parties involved to write a new one according to how they want it.
c. Some people might also decide to approach their lawyers to write them a contract.
4. Techniques used to make a contract.
a. Verbal this is not highly accepted because there is no place of reference. b. written form. It can be referred to incase of confusion or conflict.
Reference
www.amazon.co.uk › › Private, Property & Family › Contract
heinonline.org/HOL/Page? Handle=Hein .journals/illlr72&div=46.
www.aulss.org.au
