BUSINESS CONTRACTS

Business Contracts

[Name of the Institute]

Business Contracts

Task 1

Question 1

The formation of a contract can be defined as one of the moist significant roles of the contemporary social and legal environment. Contract formation is an activity which occurs throughout the lives of various people; hence it is very important that these activities are safeguarded by the legal fraternity. The legal system must develop the Levant institutions and the guidelines to ensure that the act of contract formation is done in a legal and ethical manner. Without this crucial social and corporate activity a suitable society cannot be developed, which can function adequately. In order for the interactions between the civilians of a given society to be in any way meaningful and significant in nature, it is important to the legal infrastructure helps in the implementation process of the contract.

In order to understand the legalities involved I the process of making valid contracts, the nature and the scope of these agreements have to be critically analyzed. It is a misconception among the vast society that the contracts are only developed and enforced in the legal and corporate environment (Eisenberg, 2002, pp. 647). The fact is that eth act of making contracts and enforcing them occurs in the lives of ordinary citizens almost on a daily basis. The interacting and the virtual activities carried out by individuals, often involve them in making several contracts on the internet basis. Whenever an individual downloads new software and agree the terms and the conditions of the virtual product, he is infect making a valid contract. It is not always necessary for the involved parties to be in close proximity to be able to develop valid contract. Rather these legal agreements can in fact be validly made and enforced in virtual or other capacities. Contract making occurs almost on a daily basis in the lives of all individuals, and it is important that the legal aspects of contracts are crucially analyzed by the vast population.

Question 2

Contract is a very complex and significant legal agreement in which sever4al parties can be implicated, hence it is very important that the rights of all of the involved stakeholders are secured in the legal document. It is due to this reason that the majority of the contracts are developed after a lengthy process of pre contract agreements and discussions. Within this discussion the help of the legal professionals is acquired, so that any issue which can occur in the future scenario can be averted beforehand. In this way the contract serves as a legal aid, rather than obligation for the involved parties (Wilhelmsson, 2004, pp. 726). It is not income for the corporate entities to hire the services of the professional legal entities, to help them in the formation of contracts; however these corporate contracts are very complex in nature and can involve a number of diverse stakeholders. In this contracts the highly technical and the advanced legal concepts are exercised, hence it is feasible for the professionals to develop ...