Peer response:
There are many benefits to a contractual agreement. Contract agreements help aid business functions, improve functional efficiency, enforces and improves compliance. The contract will dictate the terms, conditions and procedures. An efficient contract will simplify the organization functions, helping structure the expectations for the business. Having a contract can also help optimize revenue and minimize cost. “Reduce the risk of a dispute regarding payments, responsibilities, and timeframes that the service to be performed under the contract,” (Mollaei, n.d)
Businesses should consider contractual agreements as it will help protect their organization as it will legally bind the parties. The contracts essentially have two components, agreement and consideration. ” For an agreement to be binding, it must have some form of consideration.” (Mollaei, n.d.)
Reference:
Mollaei, S (n.d) Advantages and Disadvantages of Written Contract (2021). Retrieved on June 22, 2021 from https://mollaeilaw.com/blog/advantages-of-written-contract/
Questions that should be answered in response to peer :
How does this work in other countries?
How would this affect different types of businesses?
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