Topic

Contracts

Instructions

Read pages 200, and 205-213 of Legal Environment of Business.

Consider the following as you read:

Contracts are the basis for both business and most personal transactions.
How do contracts impact your business and personal lives and the why are the elements necessary for contract formation in place?

Answer preview

Both professionally and individually, contracts play a remarkable role in protecting a business. A contract cab be defined as deliberate, legally and voluntary binding agreement that involves two or more parties. Notably, a contract is enforceable by legislation as a binding legal agreement. It is clear that a contract arises when the parties involved agree that there is a binding agreement. Contract usually offers a framework explaining how a business activity has to occur and it constitutes conditions and terms mutually agreed and negotiated between the involved parties.

Word count: 204