purchased service contract

Fundamentals of a Contract: What You Don’t Know Could Hurt You

For those who didn’t take contract law in a business school, I thought it was important to go over the fundaments of a contract to help you avoid pitfalls such as: (i) contracts never intended to be contracts, (II) agreements that fail as contracts where the opposite was intended, (iii) contracts so unclear as to be interpreted contrary to what one side intended, (iv) contracts neglecting to cover one or more of the main points, and (v) contracts impossible of performance because of external impediments…(such as) regulations.1 Now let’s review the basic elements of any contract: