The activities for this subject will introduce you to the concepts associated with contractual relationships. Contracts are the lifeblood of any commercial organization. Good contracts save time and money, while bad contracts can lead to lawsuits, economic losses, and wasted time. These contractual concepts are essential to understand in order to protect an organization and maintain its commercial activity.
Contractual relationships cover a wide range of types of business agreements. You will study the basic concepts of offer, acceptance, and consideration, along with the types of contracts and the possible remedies available should a breach of contract occur. Understanding how contracts are governed and just when a legal agreement is formed are essential to properly managing a company and protecting it from false claims.
The graduate can determine whether a contractual relationship exists and meets legal requirements.
Contractual Relationships: The Basics
Dealing with contractual relationships is an integral part of a manager's responsibilities. Knowing what actions might obligate your organization is crucial to protecting the company and to maintaining legal benefits from business agreements. These concepts of contract law are found every day in the operation of businesses large and small. Once these concepts are understood, managers are able to make good decisions regarding business relationships.
When you have completed this topic, you will be able to:
• define the elements of a legal agreement,
• recognize what constitutes a legal offer, acceptance, and consideration,
• identify when a contractual relationship has been entered into,
• describe the conditions that constitute a discharge of contract obligations,
• identify what constitutes performance under a given contract, and
• specify what constitutes a breach of a contract.
Introduction to Contracts:
In Marina del Rey, California,