Law plays a critical role in our daily actions especially while managing our professional business or at the corporate level. Business law is essential in recognizing legal issues and makes us more comfortable in the legal environment. As an entrepreneur, I find it paramount to be familiar with rules and regulations that one should adhere to when getting a business contract. When making sales contracts, I make sure I subscribe to concepts of business law that are applicable sales contract for it to valid. Before engaging in a sales contract, there must be consent between the buyer and seller. Additionally, for an agreement to be binding some elements must be present. These are, offer, acceptance, consideration, and mutuality of obligations between the parties involved.
Sales contracts have essential terms before a sale occurs. The conditions include:
• The cost of the products
This consists of the number of products that the buyer will purchase and the amount that a seller charges for the products. The price terms are significant even though the price should not necessarily be fixed. The customer may pay in cash or installments depending on the agreement.
• Time and delivery
The sales contract outlines the time limits for performing these terms. In situations where there are no terms, it is implied that the activities will be conducted within a reasonable deadline. The mode of delivery has to be disclosed to the buyer.Most sales agreements occur successfully when the terms fully apply, and I have witnessed this scenario in the business world. However, there are also instances where there is a breach of a sales contract. A violation of the sales contract occurs when a seller or a buyer goes against the terms of the sales contract. When the seller does not deliver the goods on time or does not conform to the product description in the agreement, it is a breach induced by the seller.
There are also instances of offense by the buyer, for example, when they don’t pay for the goods as agreed. Either party can sue for breach of the contract and qualify compensation for damages. This concept of legal contracts in the sale of products in business law is very vital in my entrepreneurship profession.