Business and Contracts

when the parties have breached the obligations they have agreed to in the contract. Obligations are those responsibilities or commitments that a party is legally bound to fulfil in an agreement.   Example:  Let’s say two parties have entered a contract for the sale of certain goods. One of the most important obligations for the buyer … Read more

Most assume that once one party has made an offer and the other party has accepted, a contract has been formed. In reality, however, there are six elements that must be fulfilled for a valid, legally binding contract to exist. A contract is valid and legally binding if the following six key elements are present: … Read more