Unlock the essentials of contract management with our informative articles and guides. Stay informed on best practices for drafting and executing contracts.
Sometimes contracts are created verbally, without the parties involved recording them in writing. Such contracts are referred to as oral contracts. Enright (2018) defines oral contracts as verbal agreements that may be legally binding. Similar to written agreements, the involved parties enter into an oral contract to do or not to do a particular obligation. […]
Successful completion of any project highly depends on the success of the procedures put in place to enhance project development. Some of the most important procedures that determine project success include contract management, procurement, proposal assessment, and following the right contract awarding procedure among others. In most cases, the company managing a project needs to
The Case of Johnny And Mark Johnny, a neighbor who is not a merchant under the Uniform Commercial Code, offers to buy a car from Mark for $30,000. Mark asks Johnny for some time to think about it. Johnny says sure. He writes on a piece of paper that he will keep the offer open