FAQ

Contract Law impacts businesses since providing a service or selling a product necessitates entering into contracts to acquire, resale, or perform goods and services. A written agreement is necessary for each of these exchanges.

This agreement specifies whether the services are being offered or purchased and, if sold, at what price and under what conditions. Therefore, the contract constitutes the final and exclusive expression of the parties' respective obligations and rights concerning the transaction.

To transfer funds from one party to another, a negotiable instrument must be a signed, unconditional document representing that sum of money. Examples of negotiable instruments include bank deposits, certificates of deposit, and promissory notes.

Filing for bankruptcy is a legal option for getting debt relief. When a person owes more money to creditors than they have, they may seek bankruptcy protection. In general terms, federal bankruptcy law mandates the liquidation of a debtor's assets or establishing a payment plan to repay creditors.

Partnership, Limited Liability Company, Corporation, and Sole Proprietorship are the four most common types of business structures. There are pros and cons to each, but personal culpability and tax ramifications should be prioritized while deciding on the best business structure.

The shareholders' assets are shielded from the corporation's debts and lawsuits because of the restricted liability provided by corporations. There are three categories of people in corporations, each with varying degrees of involvement.

The shareholders elect the board of directors and vote on key business decisions. The board of directors hires the chief executive officer and other executive team members. The CEO and other corporate officers oversee the everyday business.