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Not every agreement will constitute a contract. The key components are offer,
acceptance and consideration. There must also be the intention to form a contract,
but this will usually go without saying in ordinary commercial contracts.
Contracts are legally binding agreements between two or more parties. Contracts
are formed every day, whether they be oral or in writing. Not every agreement will
constitute a contract. The key components are offer, acceptance and consideration.
There must also be the intention to form a contract, but this will usually go without
saying in ordinary commercial contracts.
Entering into contracts is a fundamental part of doing business. You need to understand
when a contract is formed, when to enter into a contract, when a contract will be
enforceable, the terms and mechanics of a contract, the issues and laws to be aware
of when negotiating a contract and how to manage risk when entering into contracts.
A business transaction which is governed by a clearly drafted, properly negotiated
contract will be less likely to be the subject of a dispute later down the track.
It is important for all employees of a business to understand the fundamentals
of contract law.
Lessons
Lesson 1 > Introduction to Contract Law
Lesson 2 > Contract Terms – Part 1
Lesson 3 > Contract Terms – Part 2
Lesson 4 > Contract Mechanics
Lesson 5 > Documents Created before the Contract
Lesson 6 > Pre-contractual Issues
Lesson 7 > Risk Management
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