What is a business contract?

A business contract is a legally binding agreement between two or more parties. A business contract typically outlines the terms and conditions of a business relationship, such as the roles, responsibilities, and obligations of each party involved. It is also used to record and formalize a business transaction, including details such as the delivery of goods, payment for those goods, and other relevant information. In the state of Michigan, business contracts must typically comply with the Michigan Uniform Commercial Code (UCC). This includes ensuring that any contracts are in writing, include all essential elements such as the parties involved, goods/services being provided, amount due, and any other important details. Additionally, contracts must be signed by all parties involved and either witnessed or notarized. Though laws vary by state, in Michigan, any contract between two or more parties that includes an exchange of goods, money, or services is typically considered legally binding. It is important for business owners to understand the scope of the contract they are entering into, and to use business contracts to protect their interests. If either party breaches a contract, they may be subject to legal action.

Related FAQs

What types of licenses does a business need?
What is a business liability waiver?
What is required for corporate financial reporting?
How do I select a business attorney?
How do I hire employees and independent contractors?
How do I set up a business website?
What is required to form a partnership?
How do I obtain a trademark or copyright?
What is the process for obtaining a business loan?
How do I register my business with the state?

What is a business contract?

Related FAQs

Related Blog Posts