Commercial Contracts

A commercial contract refers to a legally binding agreement between parties in which they are obligated to do or not do certain things. Contracts may be written or verbal and drawn up in a formal or informal way. Most businesses memorialize their contracts in writing to make the terms of agreement clear, often seeking legal counsel when drawing important contracts. Contracts may encompass all aspects of a business including hiring, wages, employee safety, leases, loans, etc.

If one of the parties involved in a contract should fail to live up to the agreements set in it, it will be considered a 'breach of contract.' In such cases, the law is required to provide a remedy, which in many cases may involve court system enforcing the contract or else asking the party in question to compensate for any damage done by breaching the contract.

Contract laws are usually state enforced in the state where the agreement was signed and may come under either The Common law or the Uniform Commercial Code (UCC). Under the common law, most contracts are controlled by a particular state’s common law i.e. laws from court rulings that become part of the local system. The Uniform Commercial Code laws apply for the sale of goods, which common law does not cover.

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