Contracts are used every day in business and in our personal lives.
Contracts are used every day in business and in our personal lives. This course will cover the introductory basics of contracting, including who uses contracts and for what purposes. In business, contracts are most often used by owners, entrepreneurs, and employers. Instructor Michele Hagan clarifies that business contracts can be used not only in regard to services, but also to prevent people or entities from doing things. This course will discuss the difference between written and verbal contracts. While a nod, handshake, or promise may sometimes be enough, most contracts are put in writing with the terms clearly expressed. By the end of this course, you will be able to know which type of contract is best for you.
Learning Objectives
- Know the basic definition of a contract
- Know what situations call for the use of a written contract
Skills you’ll gain
Contract AnalysisContract ImplementationContract NegotiationContract LawContract ManagementContract PreparationWhat You'll Learn
- Understand the basic definition of a contract and how contracts are used in business and personal life
- Identify who uses contracts in business, including owners, entrepreneurs, and employers, and for what purposes
- Describe how contracts can be used not only for services but also to prevent people or entities from doing things
- Distinguish between written and verbal contracts and when each is appropriate
- Determine which situations call for the use of a written contract
- Decide which type of contract is best for your needs
Key Takeaways
- Contracts are used every day in both business and personal life.
- In business, contracts are most often used by owners, entrepreneurs, and employers.
- Business contracts can be used not only for services but also to prevent people or entities from doing things.
- While a nod, handshake, or promise may sometimes be enough, most contracts are put in writing with the terms clearly expressed.
- By the end of the course, learners can determine which type of contract is best for them.
Frequently Asked Questions
Who is this course for?
This course covers the introductory basics of contracting and is relevant to those who use contracts in business, including owners, entrepreneurs, and employers, as well as anyone who uses contracts in their personal lives.
What does this course cover?
It covers the introductory basics of contracting, including who uses contracts and for what purposes, and discusses the difference between written and verbal contracts.
What will I be able to do after taking this course?
By the end of the course, you will know the basic definition of a contract, know what situations call for the use of a written contract, and be able to know which type of contract is best for you.
Who teaches this course?
The course is taught by instructor Michele Hagan.
What topics or lessons are included?
The course includes the lessons Contracts Defined, Is a Written Contract Required?, and Test Your Knowledge.
Transcript
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(air whooshing) (balls crumbling) What is a contract? A contract is an agreement between two or more parties to either do or not do something. Here are some examples that you may be familiar with. Your apartment lease in a contract between you and your landlord. Your mortgage is a contract between you and your lender. A property deed is a contract between a buyer and a seller. Your car purchase agreement is a contract. Your online purchases for products, supplies, clothes, or games are all contracts. Your cell phone, internet service, software programs, or online platforms can all create a contract between you and the service provider. Your airline ticket is a contract between you and the airline company. Who uses contracts? Contracts are used everyday in business and in our personal lives. Business owners and entrepreneurs use contracts to buy and sell businesses, form partnerships, hire employees or independent contractors, buy and sell products, acquire investors, and buy commercial real estate. In fact, most savvy investors will not invest in your company unless they have a written contract with you. Employers use employment contracts when hiring employees to define job duties, pay, workplace policies, and to limit their legal liability should disputes arise between the employee and the employer. Contracts are also used to prevent people from doing something. Let's say you don't want an employee to take office supplies for personal use or to solicit your clients when they leave your employment, you can include those terms in your employment agreement. Here's another example. Let's say you want to prohibit your employees or your business partner from taking business products, or co-developed by you or them, when they leave your partnership or employment. You can do that, too. Just include those terms in your contract with them. Contracts are a smart tool to use to protect yourself and your business.
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