A contract is an agreement that is legally binding between two or more parties. A contract represents an obligation to do or not do specific things. The term "party" can represent a business, individual person, company, or corporation. A contract is one of the most typical legal transactions you will be involved in when operating a company. No matter what kind of company you own, having a comprehension of contract law is essential to executing successful company agreements that will be legally binding in the event that a disagreement comes up a later point.
Are you about to sign a business contract or are you in the process of drawing up a contract for your business? It is imperative to speak to a lawyer first. Contact a local business law attorney today!