Unlock the essentials of contract management with our informative articles and guides. Stay informed on best practices for drafting and executing contracts.
There are distinct differences between a contract and a strategic initiative. First, a contract is an agreement that is legally binding between two or more parties, while a strategic initiative in an organizational tool that helps in achievement of organizational goals. Strategic initiatives are seen as means over which an organizational vision is transformed into […]
What is Contract? A contract is basically an intended plan concerning two or more parties and which is enforceable by law as a legally binding agreement. What are the components of a legal contract? The contract is only considered to be valid and legal if it contains the six essential components. One of them is
The social contract theory holds that in earliest history man lived in a “state of nature.” No government existed. Each man was only as secure as his own power and mental awareness could make him. By agreeing with one another to make a state by contract, men within a given area joined together, each surrendering