00:01
You and your two friends want to start a partnership business.
00:04
You will be the managing partner in the business and want to have all control on decision -making.
00:10
Also, you're a concern that since your friends will be acting like sleeping partners in the business, they may one day leave the business and take away confidential information with them.
00:21
Further, you also want your business to get dissolved if any of the other partners do leave the business.
00:28
Demonstrate the legal terms if you were to make illegally buying a contract, business.
00:38
What are the terms that specify what law will apply if there's a dispute over the contract? let's talk about the terms in a legally binding contract.
00:53
Contracts are legally binding agreements, and if you own a business, you'll have to deal with contracts when you deal with employees, contractors, vendors, landlords, etc.
01:30
The contracts for businesses are binding for all parties.
01:51
That means that if one party doesn't hold up its end of the bargain.
01:56
The other party has access to legal remedies for resulting damages.
02:56
So there are several requirements that a contract needs.
03:18
The first one would be consideration.
03:23
This states that each party has made a promise to the other.
03:35
The second is offer and acceptance...