Contract as an Agreement between Two or More Parties - Essay Example

There are a number of different contracts that are available to an individual and they can be of use depending on the particular situation, some of the more common contracts that help most individuals involved in business deals include:

Confidentiality Agreements – These are contracts whereby an individual is not allowed to divulge certain information to the public or any other third party without consent. This ensures that individuals are not able to reveal the trade secrets that they may come across during their participation in a certain activity related to the matter.

Insurance Policy – This is also a common type of contract that is essential to any business organization and serves as a backup plan in case of any unforeseen tragedies that may take a financial toll on the company (McKendrick Pg65). The insurance policy is an agreement that keeps one safe from any potential dangers to the business and states the terms under which one is able to collect reimbursement if necessary.

Employment Contracts –This contract is an agreement between the employer and its employees and is essential for any business that plans on hiring workers (McKendrick Pg67). The contract contains the details pertaining to issues such as the payment, duties, and responsibilities of the employee as well as other subject matters with regard to the relationship between the employee and the employer.

Trade Agreement – This is a contract dealing with all the matters having to do with trade/transactions that may take place between two or more parties. The contracts involve what is expected from both parties in the agreement.

Some of the associations that would be of help to a business if a proprietor joins them include those such as related media which have to do with the various blogs and other social media platforms that are concerned with one’s line of business. Trade unions are also essential connections to have as they have a large influence on workers(McKendrick Pg76).

Questions
1. What is the main source of revenue pertaining to the business?
2. What is the recommended initial capital that would be needed to ensure a stable start when commencing the business?
3. What is the most important issue of concern with regard to the business?
4. What are the main strengths of the business that one is able to take advantage of?
5. What are the main weaknesses of the business that one may need to look out for?

6. What is the best approach to use while tackling matters such as target marketing and Public Relations?
7. What is the average expected period of growth in the market since the business’s inception in order for it to break even?
8. What are the main sources of competition?
9. Are there any environmental factors with regard to the chosen location for setting up the business that one needs to be aware of?
10. What is the state of the relationship between the market and the manufacturer? Read More