Every business encounters daily indispensable conflict in handling manpower, policy making and critical decision making, in almost facets of the management functions.
Without contracts, every transaction can be chaotic. This is not merely to emphasize that all contracts are written. On one note, unwritten contracts can be a source of issue, if one does not fully understand the consequences of entering thereto. On another note, signing, and making oneself bound in a particular agreement, without fully understanding the stipulations written thereat, would surely be burdensome, and disadvantageous to the one signing without adequate knowledge of the legal provisions thereon. Worst, it could damage the company reputation, lose clients, or suppliers and fail negotiations.
In this world, there is no such thing as “monopoly of ideas.” A thorough examination of the framework, the stages, classification and application of contracts are major areas that, one should strive to understood, not only for himself, but for the business he is leading. Success is not purely measured on one’s degree of accomplishments, but in time, the same shall be considered in the light of technical knowledge in critical areas where legal issues may arise.
No single proprietorship business, neither corporate entity, had missed the chances to enter into business agreement, often times, if not every single day. Thus, every business firm or corporate owner, public servant, community, and student leader, and every single kind of professional, needs to firmly possess, and substantially understood of the primacy of obligations and contracts, if they are to succeed, and gain an edge in any transaction, dealing, business or agreement.
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