Business memo: Contract Creation and Management Simulation
School: University of ......
Course: Business Law 531
Student Name: Annet Tuhaise
A contract is a legally binding agreement between two or more parties as identified in the agreement. All involved parties are bound to fulfill the agreed upon terms and conditions of the agreement. The contract should be signed and dated by all the involved parties as an acknowledgement and agreement to the terms and conditions there in.
In business, whether local or international, contract creation and management with customers, vendors, partners, or employees are essential part of management. Contract creation and management includes identifying and negotiating the terms and conditions, ensuring compliance with the set terms and conditions plus documenting and agreeing to any changes that may arise during its implementation or execution. Contracts can be summarized as the process of systematically and efficiently managing contract creating, execution and analysis for the purpose of maximizing financial and operational performance while minimizing any possible risks that may arise.
Looking analytically at the contract creation and management simulation for Span Systems and Citizen Schwarz Ag (C-S) provided by the University of Phoenix, there are so many legal issues and legal principles involved. Those issues and principles could be prevented and or solved by management whenever they arise.
Contracts are for the most part, never free from interpretation meaning that, all new and existing contracts need to be reviewed before and after sign-off for verification of any errors or lack of clarity of purpose. The earlier the error is noticed, the better and the less likelihood for the disputes to arise out of the contract. In so many US courts, verdicts depend majorly on how the contract will be interpreted in courts of law therefore, the clearer it is, the more likely for the company to...