Contract is a voluntary arrangement between the parties consisting the essential ingredients of Agreement, Contractual Intention and consideration. Offer and Acceptance leads to the agreement and when the agreement is reached with legal sanctity, it is concluded as contract. Business environment is with full of agreements between businesses and individuals, even the business entities comes to existence by way of incorporation agreements known as Memorandum of Association / Incorporation. Contract is a Basic legal document which represents the expectations of the parties in details and how negative situations shall be resolved. There is a common legal yardstick to be complied in every contracts depending upon the domestic law and best practice principles under the Private international law.
It is important to draft and review this basic document by a competent legal professional to avoid the future difficulties in the business
Author is attached with a Dubai Based law firm, can be reached +971-527520742