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Business Management Affairs - Essay Example

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Human beings acquire rights and obligations, for instance, when one borrows funds, when they buy or lease a house, when they obtain insurance, and in this particular case…
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Download file to see previous pages Data gathering, data assessment, and the forming plan, including strategies, tactics, and desired results, are essential to professional contract negotiations. One will need to create a highly collaborative atmosphere to increase the possibility of achieving a perceived win/win outcome. When engaging in a contract, it is important not to narrow down to one issue, instead understanding that the other side has different interests and needs. In other words, it is important to understand the other party’s real needs.
Leading authorities on contract law have defined a contractual agreement as a legally enforceable and voluntary promise exchanged by two or more parties (Simon and Davina) to provide the terms of the promise in exchange for something of value known as consideration. The parties to a contract must make a promise to one another; these parties are obliged to complete the obligations of a promise.
If there is a party that feels injured by not receiving that to which he or she is entitled, then the promise will have to be addressed in the court against the party who broke the promise. For example, a person who borrows money from a bank promises to repay the money. If that person fails to repay the money, the bank can go to court and attempt to collect the money that is owed.
Contract law further assures the parties to a contract private agreement that the promises one had engaged in will be enforceable. In real sense, many promises are kept because the parties involved feel a moral obligation to do so or because keeping a promise is their mutual interest. The person making the promise (Davina) and the person to who the promise is made (Simon) may decide to honor their agreement for other reasons. Generally, the rules of the contract law are often followed in business agreements to avoid potential problems.
Contract law also provides an essential condition for their existence of a market economy. Without a legal ...Download file to see next pagesRead More
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