BUSINESS LAW

Business Law

Business Law

Introduction

When two or more parties agree to an agreement with an intention of creating an obligation that is legal, is known as a contract. It is a promise that is enforced legally by one party to another. The agreement binds the parties to be concerned about the bargain which is commercial and involves the hiring, as well as sale of commodities. Contracts for professional employees have evolved dramatically since the development of corporate businesses. Initially, employees were powerless in contract negotiations. Because of the reserve clause, owners wielded so much power over the businesses that employees were presented with a “take it or leave it” option in contract negotiations (Lewison, pp. 12). Since the creation of unions in the leading industries, employment contracts have become more equitable for employees, who have also acquired more bargaining power in their individual contracts. Employee contracts must still meet the requirements of a contract to be enforceable, but aside from the standard components of contracts, employee contracts have evolved tremendously, moving from the reserve system to a level of autonomous system.

Breach of Business Contract

A contract is necessary as it is the foundation for professional relationship to build upon. However, building relationships on the basis of correct form of contracts is very important under professional environment. This is because if there is not a correct contract that describes the relationship structure than it becomes very hard for the court to give justice to the grieving party.

If the contractual promise is not fulfilled by any one of the parties, it results in breach of contract in business. A breach of contract in the legal sense occurs when a party of its contractual obligations major or minor violation. The main duties are those that define the nature of the contract. Furthermore, ...