Contract Law

All businesses inherently deal with contracts, even if they are unwritten, as with many transactions involving goods or services. Since a contract is a legally binding agreement, and even an honest contractual mistake can cause serious problems, it is crucial that small business owners have at least a basic understanding of contract law. This section covers the basics of contract law and how it relates to the many facets of running a business, including articles on when a verbal agreement carries the weight of a contract, the meaning of "breach of contract," which contracts must be in writing, and related topics.

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