What is the difference between a contract and a verbal agreement? How do you ensure that a contract is legally binding?
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What is the difference between a contract and a verbal agreement? How do you ensure that a contract is legally binding?
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- What is the legal definition of a contract, and what are the requirements for a contract to be enforceable?As a seller, which of these contracts would you prefer? Which contractwould ensure that you can maximise your profits and keep your costs aslow as possible?Assuming that you are the only business student in your village who has had the opportunity to study entrepreneurship and small scale business management. Anytime the town folks are having a conversation, they normally use agreement and contract interchangeably. But during yourlectures, you were taught that “all contracts are agreements, but all agreements are not contracts”. In an ordinary language, explain this assertion to your people to understand this assertion.
- Contract management can be defined as ‘the activities of a buyer before, during and after a contractis signed, to ensure that all parties to the contract understand and fulfil their contractual obligations’.Contracts may be for specific projects or for the supply of good or services over a period of time,typically between one to three years depending upon circumstances and objectives. Contractactivities can be split into two distinct but interdependent phases: pre-contract award/renewal andpost-contract management. Contract management is command and control of the activities spanningboth phases, but the potential value adding outcomes of post contract management will not berealised unless effective pre-contract management has resulted in a contract that addresses allstakeholders’ needs with the utmost professional skill. A failure in pre-contract management willresult in post-contract management time and effort being wasted on trying to resolve and correctomissions and failures of the…What are the main differences between arbitration and mediation in negotiation? Briefly explain both!When signing a contract, how can you ensure consideration? Renegotiating an excisting contract : how do you meet the consideration requirement?
- What is a contract, and what are the essential elements of a valid contract? What are the legal remedies available if one party breaches a contract?How can an offer be affected where the terms are not clear?Why do business negotiations often avoid or ignore contingency contracts as options for creative agreements?
- What is the purpose of contract law in business transactions?You have been given the responsibility to implement processes and procedures to reduce the risk to your company based on contract liability. Discuss systems, processes and procedures you can implement to reduce your company’s liability for contracts.Describe the payment system and incentive idea for two different kinds of negotiated contracts.