Commercial agreements and contracts are very essential as they legally determine and create liability over parties who enter into agreements for transacting a business, sealing a deal, selling and buying of movable and immovable goods, renting and leasing of properties etc. In each and every aspect of a commercial transaction the formation of contracts and agreements is indispensable.
A commercial contract may refer to a legally binding agreement between parties in which they are obligated to do or restrain from doing stipulated acts and include all aspects of a business, such as hiring, wages, leases, insurance, loans and employee safety. Negotiations are the starting point of any commercial relationship and commercial agreements are drafted to record the negotiations between the concerned parties in writing so as to give them a legally binding nature.
An agreement is a promise or a set of promises forming the consideration for each other and any agreement that is enforceable by law is a valid contract. The contract law in India is codified in the Indian Contract Act, 1872 which governs the formation of contracts, execution of contracts, performance of contract and the effects of breach of contracts.
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