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What To Know About Business Contracts

| Aug 20, 2020 | Firm News |

Business contracts are one of the most common and important legal components in running a business in any type of business or company. Understanding these contracts and how they work is an essential part of creating a successful, legally secure business.

There are several factors of a business contract you will want familiarize yourself with when starting your business.

Structure of a Business Contract

Regardless of the type, all business contracts have the same basic structure that makes them valid. All contracts should include:

  • An offer – a clear and definite statement that explains expectations of the offering party to be bound by the offer in the terms outlined.
  • An acceptance – a clear expression of the agreement to the terms
  • Consideration – details the benefits exchanged and the obligations incurred from that obligation for the benefits.

Types Of Contracts

There are several different types of contracts you can create in your business that serve different purposes including:

  • Bilateral
  • Unilateral
  • Express
  • Implied

Additionally, there are several different types of contracts that address different types of business scenarios you may want to consider, such as:

  • Sales-related contracts
  • Employment contracts
  • Leases
  • General business contracts

All these types of contracts can serve different purposes in starting and maintaining your business.

Enforcing Contracts

Disputes over contacts are not uncommon, and in some cases informal attempts at resolving these issues are not successful. In these cases you will need to enforce these contracts through the court system with a lawsuit. Having an experienced, knowledgeable business attorney is important in these cases.

The world of business contracts can be complicated but they are a crucial factor in starting and operating a business of any kind. Talking to a business attorney can help you get a better understanding of these issues.