Business Contract

Business contracts are legal agreements between a business and/or individual and another party.

Contracts must contain five key elements:

  • All parties involved in contract
  • The considerations that include what each party has to gain from the contract
  • The terms and conditions of the contract
  • Competent parties: A contract may be invalid if it is shown that one of the parties was incompetent mentally or under the influence.
  • The legal purpose must be written and explained for the contract to be valid
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