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Common Contract Terms
Learn the basic terms you'll need to know when contractingPreview the first lesson free — get full access to all 4 lessons.
Beginner Provider : Michele Hagan 4 Lessons · 11m in Arabic, German, English, Spanish, French, Portuguese, Chinese
Course Description
A contract should contain every term of your agreement. In order to avoid any disagreements, a contract should also include terms pertaining to how the parties can change or cancel a contract and the penalty for doing so. In this course from Michele Hagan, you will learn the common terms of business contracts and about the importance of defining them clearly. You will also learn about the penalties for violating a contract, such as recourse.
What You'll Learn
- Identify the common terms found in business contracts and why each term matters
- Define contract terms clearly to avoid disagreements between parties
- Apply provisions for changes, cancellation, and penalties when disagreements occur
- Navigate contract breaches and pursue recourse
- Recognize the penalties for violating a contract
Key Takeaways
- A contract should contain every term of the agreement to prevent disputes.
- A contract should include terms covering how parties can change or cancel it and the penalty for doing so.
- Defining individual contract terms clearly is important to avoiding disagreements.
- Violating a contract can carry penalties, such as recourse.
- This course is taught by Michele Hagan.
Frequently Asked Questions
What will I learn in the Common Contract Terms course?
You will learn the common terms of business contracts and the importance of defining them clearly, the penalties for violating a contract such as recourse, and how to navigate contract breaches and recourse.
Who teaches this course?
The course is taught by Michele Hagan.
What topics or lessons does the course cover?
The course covers what the terms of a contract are; changes, cancellation, and penalty; breach and recourse; and includes a Test Your Knowledge section.
What skills does this course help build?
It supports skills in contract analysis, contract finalization, contract interpretation, contract negotiation, contract law, and contract preparation.
Why is it important to define contract terms clearly?
Defining terms clearly helps avoid disagreements, and including terms on how parties can change or cancel a contract and the penalty for doing so also helps prevent disputes.
