Question

What is a contract? Give advantages and disadvantages in details. Please do not SCAM i need it real bad

Answer 1

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Contract, in the simplest definition, a promise enforceable by law. The promise may be to do something or to refrain from doing something. The making of a contract requires the mutual assent of two or more persons, one of them ordinarily making an offer and another accepting.

$\implies$Advantages of contracts include: Provides proof of what was agreed between you and the other party. Helps to prevent future misunderstandings or disputes by making the agreement clear from the beginning.

$\implies$Perhaps the main disadvantage to the use of contracts to reduce risk is that drawing up contracts takes both time and money. To construct an airtight contract, a company has to employ the services of a lawyer to draft the contracts, and lawyers are seldom inexpensive.

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Answer 2

Answer:

The signing of a contract in business indicates that all parties involved have read and agreed to the terms stipulated. The purpose of a contract is to clearly outline the terms of an agreement: each party’s obligations, the parameters for the provided service (such as performance, delivery, cost, etc.), and payment terms. Ensuring that all of these aspects of doing business are laid out and clearly defined before entering into a working relationship minimizes liability and reduces the potential for confusion or unmet expectations.

Explanation: