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Understanding contracts

Working in a business environment, you will inevitably come across contracts at some point. There are basic employee contracts you will encounter when hiring or starting a new job, but then there are more complicated contracts that require greater attention be paid. A contract is a legally binding agreement so they must be entered into carefully with a full understanding of the commitment.

Kinds of contracts:
Contracts can be written, verbal or both in some circumstances, with the more formal contracts being required in writing. Both kinds are legally binding if they contain the elements of a contract. Verbal contracts are hard to prove and rely on the trust of a person unlike written agreements with physical evidence.

Elements of a contract:
For a contract to legally binding it must contain;

Before you sign:

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