A Contract Law Assignment

A contract is a formal document, accepted by both parties, employer and employee,
and is the base for any flourishing business. Importance of contracts is

that Contracts provide better visibility to meet the duties and achieve the objectives
as agreed per the agreement. It serves as a great support for building a good rapport
with the customer or the desired party.
Concerning this, Contract management is a strategy adapted to manage contracts

legally signed with customers, partners, or employees. Contract management
includes adjusting the terms and conditions in contracts and ensuring adherence to
the rules as per contract. Contracts guarantee a standard business procedure, by
giving clarity of your requirements. It helps to achieve the desired goals easily and
serves as proof in case the expectations of one party is not fulfilled. It is viewed as
breaching the contract and the person has to bear the loss for the service.
It is important to get your contract drafted and approved by a lawyer legally.

A contract is important and becomes inevitable due to the following reasons.
Proof of Details
The prime purpose of creating a contract is related to the recording of details, which
both parties have agreed with mutual consent. It provides a precise knowledge of
the services provided by the third party or monetary expectations to be met by the
person. These details will serve as legitimate proof and are very important in a
contract.
Avoids Misunderstanding
Misunderstanding is a common problem confronted in any business due to several
reasons. To avoid such cases, drafting a contract is important and it is required for
both parties to read the consented rules and abide by them. It has a large impact on
the business as breaching the contract rules can lead to conflicts between the parties
and thereby affect the business overall. Therefore, contracts in business are
important.
Provides Security
A contract document plays a pivotal role in making the parties secure as it clearly
specifies the tenure of the contract and set of responsibilities. Here, an employer is
lawfully responsible to pay the committed salary on time and the employee is
responsible to perform his duties as designated. Any deviation is considered
contract breaching and, either of them has the sole rights to take appropriate action.
Therefore, it is pivotal to understand the importance of contracts
The contract can act as legal evidence if any of the party files a case against the
other at times of contract breaching.
Provides Confidentiality
It includes an NDA (Non-disclosure agreement, which protects confidential
information. According to this agreement, concerned parties are not entitled to
reveal the business and monetary transactions between them with any third person.
In case of disclosure, either of them will be subjected to suffering as per contract
rules, enforced by the law legally.
Acts as a Record of the Business

A written contract is a relevant record stating the mutual consent of the proceedings
listed in the agreement. It can be used for future reference and, comprises
information regarding the stipulated delivery timeline of any work assigned as per
contract. The tenure of the contract is also highlighted in the agreement, which
provides more clarity regarding the termination details. However, the contract may
be terminated in the worst case if the other party is not fulfilling the rules
mentioned in the contract or bypassing the terms.
Second website
Importance of contracts in Business.
The contract is a written agreement agreed by all participants, the employer

and the employee, and is the basis for any profitable enterprise. Contracts
provide greater accountability for the execution of the tasks and the
fulfilment of the goals as agreed in the agreement. It acts as a fantastic help
for establishing a positive relationship with the clients.
In this respect, contract management or administration is a technique

applied to the management of contracts lawfully negotiated with clients,
partners or staff. Contract management means managing or adjusting the
terms and conditions of the contracts and ensuring consistency with the
rules as set out in the contract. Contracts guarantee a standard commercial
practice, giving clarification to the specifications. It helps to accomplish the
desired results quickly and acts as evidence in the event that the wishes of
one group are not met, it is seen as a breach of the contract and the
individual has to suffer the cost of the service. It is necessary to get the
contract drawn up and accepted by a lawyer lawfully. According to the
following factors, contracts become extremely important:
 Detailed proof of information: The primary aim of the contract is to document the
specifics decided by both sides through mutual consent. It offers a detailed
awareness of the services rendered by a third party or the monetary requirements
to be fulfilled by a third party. This information will serve as legal facts and are
very relevant to the deal.
 Prevention of miscommunication and misunderstanding: Miscommunication or
misunderstanding is a common issue encountered in any company for a variety of
reasons. The preparation of a contract is a mandate in order to deter such
situations. It is important for the two sides to read and obey the negotiated laws. It
has a huge effect on the corporation because infringements of the contract laws
will lead to disputes among the parties and thus affect the whole firm.
 Offers protection: A legal agreement plays an important role in providing security
between the parties as it explicitly points out the contract tenure and collection of
obligations. Any departure is a violation of contract and each of them has the
absolute right to recognize it. If either of the parties bring an action against the
other side at the time of a contract violation, the contract could be legitimate proof.
 Ensures confidentiality: It requires a non-disclosure agreement (NDA) which
covers sensitive information. Pursuant to this agreement, the parties involved are
not entitled to disclose the business and to have a monetary exchange between
them and any third party. In the event of disclosure by any party, they may be
liable to a violation of contract law.
 Works as a corporate record: The written contract shall be the relevant
documentation of the mutual consent of the proceedings agreed to in the
arrangement. It can be used for potential comparison purposes and provides
information on the time-limit for completion of any job assigned as per contract.
The length of the deal is also highlighted in the document, which gives additional
guidance on the terms of the termination. In the worst case, though, the contract
may be cancelled if the other side fails to comply with the rules set out in the
contract or bypasses the terms.
At one time, transacting business was easy. Two people agreed to make a
trade, and both parties honored their word. But in the 21st century,
professionals are all too aware of the long history of deal-breaking and
lawsuits that have taken place all around them. In business, contracts are
important because they outline expectations for both parties, protect both
parties if those expectations are not met and lock in the price that will be
paid for services. Contract law is critical because it permeates our culture.
Without it, life as we knew it may not have happened. Consider this topic for
a moment from the point of view of the business, nearly any deal it makes
includes a contract. For example, purchasing raw materials, renting property,
employing equipment, selling its goods or services, and using banking and
similar processes to make or collect payments. Likewise, most customer
purchases require the procurement of products or services facilitated by the
deal. As for companies, it is impossible to think of many purchases made by
customers that are not of this type. Finally, from the point of view of
government, since much of what they do stems from the intervention of the
relevant Parliament, gradually the services they offer are privatized and
provided in compliance with the contract.
Previous research in this area focuses on how the contract is used to replace
the loss of confidence between the parties. The confusion faced by one side
also applies to potential situations and some of them are specifically linked
to the other party in the business partnership. The trouble with this is that it
is difficult, and often almost impossible, to protect against all potential future
eventualities. This is especially problematic as the participants aim to defend
themselves in a potential relationship that involves multifaceted and
exceptional exchanges. Contract negotiations are evaluated on the basis of
five phases: bid, debate, adaptation, preparation and final process of
negotiation. Each process is studied on the basis of its duration, the topics
under consideration and the interaction between the parties. The contract
negotiations are not expected to have any direct effect on the eventual use
of the contract, although it is believed that they will largely affect the contract
and the closeness that will be formed between the parties. This has been
found that when one of the parties involved is dominant and the other week,
the stronger bargaining party always sets both the agenda and the contract
plan. This, in essence, has an effect on the outcome of the talks. The
outcome is likely to be a unilateral deal. There is also a possible reciprocal
connection between the length of the talks and the closeness of the parties.
Long-term talks, for example, are likely to result in greater closeness as the
sides learn to know each other better. In the other side, if the sides already
have a close relationship, the talks can be short-lived.

A Contract Law Assignment

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A contract is a formal document, accepted by both parties, employer and employee,

and is the base for any flourishing business. Importance of contracts is

Concerning this, Contract management is a strategy adapted to manage contracts

It is important to get your contract drafted and approved by a lawyer legally.

Acts as a Record of the Business

Importance of contracts in Business.

The contract is a written agreement agreed by all participants, the employer

In this respect, contract management or administration is a technique

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