Friday , January 24 2020
Home / Projects/Reports / What is Contract and its Importance

What is Contract and its Importance

Contract Blog Post

“A contract is not worth the paper it is written on, as one can break it anytime through all its unavoidable loopholes.”

A contract is actually a deal between two peoples or two parties on a common matter. Two or more people agreed on a common goal or objective that they will do like this in such type of situation. The contract is made between two or more people they are called as parties to the contract. All the party members in the contract agreed on a same thing or situation. They are bound to follow the rules they set for themselves and they do not allow to go beyond the rules they set in their contract.

It is just not a piece of paper for both the parties. It is actually a promise between the parties that must be fulfilled by both the parties and they must follow it well. The contract is made on the possible factors that can help both the party members to work well on the agreement. It is written on a proper stamped paper with the signature of both the party members of the contract. The contract is a removal of a dispute between both the parties and among all the members included in the contract. Sometimes some people or companies try to do some tasks altogether. (Artslaw.com.au, 2018)

What is Contract and its Importance

When there are a number of people involved in an agreement then every person have different opinions and different ideas which they wanted to impose on the working place. So to avoid such situations one must make an agreement that it may top after making your agreement strong and keep making your working place organization atmosphere positive. If the parties do not follow the agreement then they have to pay the penalty that is also written in the contract when making it.

The contract is something words written on the piece of paper with all the terms and conditions which both the parties must follow at the working place altogether. The best thing about making the contract is that the more you follow the contract the better you will make your working successful at your working place. While making a contracting party must focus on the facts that a contract should have all the essential terms must be fulfilled by all the people involved in the contract.

Before making the contract, one must understand all the points that must be elaborated to all the contract members in terms of making all of them easily in the contract. All the party members of the contract must understand each point very clearly. Sometimes in a contract both the people or parties exchange, some things in terms of keeping the trust of each other it may be anything like any precious good of the company or any other thing related to the contract.

It may be money as well, so in terms of making the agreement, strong companies transfer money or anything important related to the contract. So that they all can do well in terms of making their workings easy in the organization about which they have made the contract. Make sure the rights of the workers are not discriminated for their rights.

You must make it with all the persons will that all they must be agreed to the contract or not. You must use simple communication language in that contract so that easily everyone can read the contract on their own. The copies of the contract must be made so that every person should have that and keep following the contract so the sake of being rational with the contract. The contract must save all the persons interests and rights as well. The contract must follow the essential required phases so that it must be an efficient contract as a must. (Legalmatch, 2018)

It must have the acceptance and offer nature so that it can be made easy the following of the contact with the people to follow the contract easily and efficiently as a must. The best contract is that all the parties are agreed or happy with the contract and they must focus on the working with great respect and honesty as a must. The honesty of the parties makes it positively impacted and results in good form. The contract once made it cannot be breached at once.

Therefore, in order breach the contract the parties must follow some certain rules so that contract will be properly breached. First, all the members of that party who wanted to breach the contract must agree to a common point of breaching the contract. They must focus on the point on which they are going to breach the contract.

The contract must be properly breached and the point of the breach must be valid so that it may not affect the efficiency of the contract making between the parties. The names of the parties and all the details must be eliminated properly from the contract so that they can easily be transferred to any other contract. Without having any issue in making a new contract.

The contract when breached it must cancel all the terms and conditions and all the people must clearly get them off from the contract so that the contract is properly closed and all the parties may properly be gone out of the contract. Once the agreement is breached then it must be confirmed and informed to all the parties to the contract. (Freeadvice, 2018)

References
  • com.au. (2018). What is a contract? Retrieved from https://www.artslaw.com.au/legal/raw-law/what-is-a-contract
  • com. (2018). What is a contract? Retrieved from https://law.freeadvice.com/general_practice/contract_law/contract_agreement.htm
  • com. (2018). What is the Definition of a Contract? Retrieved from https://www.legalmatch.com/law-library/article/what-is-a-contract.html

Leave a Reply

Your email address will not be published. Required fields are marked *