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How does contract law affect businesses? | FAQs
Contract law and commercial law can be intimidating topics for any business owner, but it’s important to know how they might affect the way you do business or your professional development if you want to improve your career in commercial law. Watch the video to find out how your business will be affected by contract law specifically.
Understanding how contract law affects your business or organisation is vital to your professional success – it’s involved in almost any business that deals with providing either a product or a service. This is due to the fact contract law is involved in every purchase, selling, reselling or rendering service. The law of contracts involved in these transactions refer to what services or products are being sold and purchased as well as the prices. Terms and conditions are also involved in contract law that pertains to transactions between businesses and clients. Ultimately, contract law and commercial law defines the essence of any business and its functions.
One way to ensure you navigate the world of contract law and lead your business to success? Contract management courses in contract, commercial or corporate law.
If you wish to further elevate your understanding of South African employment law and promote fair labour practices in the workplace, consider enrolling in a labour relations course.
Transcription
Contract law affects businesses because all businesses are either providing a service or they’re providing a product which means that they have to purchase, they have to resell, or they have to render services. For each and every one of these transactions, a contract should be in place. That contract states whether those services are being purchased or sold at the specific price and what the terms and conditions are. So, that contract is usually the be-all and end-all of all the transactions that businesses enter into.