Overview – Commercial Agreements and Contracts
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 is indispensable.
A commercial contract may refer to a legally binding 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 these 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. It is important to note that all Contracts are Agreements but all Agreements are not Contracts and only the ones that enforceable by law are called contracts.
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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