Contracting is critical for business. However, ineffective contracting can
lead to financial loss and legal disputes. Effective contracts reduce
financial and legal risk by clearly reflecting the parties’ intentions and by
containing all critical elements to make the contract valid and enforceable.
Contracts facilitate commerce interaction between parties by substantiating
the goods or services to which the parties agreed. For any company, it is
important to know how to create a valid contract that effectively reflects the
intent of the contracting parties and helps avoid financial and operational
risks and future disputes.
This course provides the fundamentals of contracting to help you identify the
critical elements of a contract, the various contract types and the risks
associated with them, and the standard clauses that a contract should have.
After completing this course, you should be able to:
Recognize the elements and purpose of contracting.
Identify the different types of contracts.
Identify the contractual terms and conditions used in commercial contracts.