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The law of contracts and obligations
(Centro de Estudios en Línea, 2024) Heyra Vegas Escobar; Centro de Estudios en Línea
A contract has a logical structure: the names of the parties, the background to the contracts, the definition terms and clauses. According to Mason and Atkins (2008), the parties are people or companies who are entering into the contracts. The recitals are the background to the contracts and the reasons why the parties are entering into the contract. The definition section is how certain words must be interpreted when they are used in the contract. The key obligation/duties are the most important things that each party agree to do. The delivery of goods/services is the time and where the key obligations will be carried out. There are some clauses that you will find in commercial contracts. The term clause mentions the duration of the contract. Termination clause contains information about the expiration of the contract. Confidential clause expresses the information that must remain secret. To sum up, it is important to know the elements of a contract because they determine whether or not a contract is legally binding. Knowing the elements of a contract can help you avoid entering into agreements that are not legally binding.