Question

A contract in which the terms are started in word by the parties is known as

Answer 1

Here is a business contracts terms and definitions glossary - essentially for UK, and a useful guide for anywhere else in the world. When you are involved in business contract negotiations - especially for your own business - you can achieve far better negotiated results if you have a good understanding of what contracts and their terminology actually mean. This will empower you to utilise your legal advice for specialist legal issues rather than strategic decision-making, over which you must have full control.

If you are the boss, or accountable for a contractual outcome, you must understand contracts and their meaning. When you understand what contracts mean you increase your control over the situation, your advisors, the other party, their advisors, and the negotiated outcomes.

The provision of this material by Business Link (as was, now Gov.uk) is gratefully acknowledged. It is subject to Crown copyright.

Contracts are an important part of business life. They establish agreements between you and your employees, landlords or tenants, suppliers, customers and with other businesses. They are usually drawn up by solicitors and can be full of legal jargon.

A contract is an agreement that commits you or your business to a course of action. Therefore, it is important that you ask your solicitor or adviser to explain any language or terminology that you do not understand.

Answer 2

Parol Contract,.................