A contract is a legal agreement entered by two or more parties all having legal responsibility to undertake. Once two or more agree to perform an agenda, they either put themselves into an oral or written obligation. Failure to meet the agreement known as a breach has a penalty that the breaching party incurs. Oral contracts are used for social agreements such as preposition bets where the obligation is not serious. Written contracts on the other hand serve as a crucial document when it comes to businesses, governments and unions in which have significance impact on the parties involved. This is because oral ...
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