Question

In: Economics

Agreements are an integral part of the business. Every business will have several Types of agreements...

Agreements are an integral part of the business. Every business will have several Types of agreements in place for the smooth functioning of the organization and processes. Agreements are also known as contracts in which there are two or more parties involved and they both are bound by agreement enforced by law.

Pleasе, write examples of the 5 most used contracts in the business (in your opinion) and write a little bit about them.

Solutions

Expert Solution

Some commonly used contracts in business are as follows:

  • Partnership Agreement. This agreement or contract defines the relationship between the partners, their share of profits and losses, their individual obligations and their contribution to the business, their roles and responsibilities.
  • Indemnity agreement. In this type of contract one party agrees to indemnify or provide for the losses that the other party may suffer on the enforcement of a particular contract.Example Insurance Contract. In this contract the insurer agrees to compensate the insured for the damages incurred, as per the terms of the contract.
  • Nondisclosure Agreement.Nondisclosure agreements give a business owner legal status if a vendor, supplier, service provider, independent contractor, or employee shares proprietary or confidential information about your business.
  • Property and Equipment Lease.Certain terms and conditions are laid down in these type of contracts.These conditions relate to lease for building or piece of equipment. These may include monthly payments, terms of deposit and other related terms.
  • General Employment Contract. This contract specifies the relation between the employer and the employee. This may include date of joining, compensation, leave and exit policy, bonus, termination clause, timings of shift and many other related terms and conditions.

Related Solutions

Agreements are an integral part of the business. Every business will have several Types of agreements...
Agreements are an integral part of the business. Every business will have several Types of agreements in place for the smooth functioning of the organization and processes. Agreements are also known as contracts in which there are two or more parties involved and they both are bound by agreement enforced by law. Pleasе, write examples of the 5 most used contracts in the business (in your opinion) and write a little bit about them.
In business and in every-day life, there are several activities that have an impact on the...
In business and in every-day life, there are several activities that have an impact on the cash account. GAAP requires these categories, sources and uses to be placed within three main areas: Operating, Investing and Financing. First discuss the activities of business that have an impact on the cash account. Then describe how this knowledge may benefit decision-making.
The aligning of the risk appetite with the business strategy is an integral part of setting...
The aligning of the risk appetite with the business strategy is an integral part of setting the operational risk appetite, and therefore, vital that it is driven by top management. Briefly discuss the role and responsibility of top management in terms of setting a realistic operational risk appetite. (The maximum length of your answer is 1 page).
Contracts are essential for business, and will be an integral part of PI operations, so the...
Contracts are essential for business, and will be an integral part of PI operations, so the owners now want to center their attention on contract law.   Each of the owners have had experience with contracts in their own businesses, and appreciate the probable risks and liabilities associated with contracts. To reduce risks and liabilities associated with contracts, the owners want all contracts to be written, with specific, complete, and clear terms. For example, contracts with agents, such as employees and...
Security is an integral part of an E-Business. The Online Business always feel insecure due to...
Security is an integral part of an E-Business. The Online Business always feel insecure due to a lot of hacking attempts every day. If you are running some Social Media Website how you will increase the security of that website? Discuss different types of security issues and their solutions by using suitable examples.
Security is an integral part of an E-Business. The Online Business always feel insecure due to...
Security is an integral part of an E-Business. The Online Business always feel insecure due to a lot of hacking attempts every day. If you are running some Social Media Website how you will increase the security of that website? Discuss different types of security issues and their solutions by using suitable examples.   
Background: Contracts are essential for business, and will be an integral part of GC operations, so...
Background: Contracts are essential for business, and will be an integral part of GC operations, so the owners now want to focus on contract law.   Each of the owners has experience with contracts in their businesses, and appreciate the probable risks and liabilities associated with contracts.   They also know that to avoid possible disputes with employees and clients, contracts should be comprehensive, clear, and specific. The GC owners know that there are various types of contract agreements relevant to their...
Networking is an integral part of the business world today. While the concept of building contacts...
Networking is an integral part of the business world today. While the concept of building contacts as part of an ongoing network has always had some relevance, shifts in the way many people view the pursuit of a career today makes the task of network building more important than ever. By nurturing and growing a strong business and support network, up-and-coming professionals can often have access to information about new innovations in the industry and who is and is not...
Prove that every finite integral domain is a field. Give an example of an integral domain...
Prove that every finite integral domain is a field. Give an example of an integral domain which is not a field. Please show all steps of the proof. Thank you!!
PART A           Every audit procedure obtains one or more of the following types of                 ...
PART A           Every audit procedure obtains one or more of the following types of                  evidence:     PHYSICAL EXAMINATION CONFIRMATION INSPECTION /DOCUMENTATION ANALYTICAL PROCEDURES INQUIRES OF CLIENT RECALCULATION REPERFORMANCE OBSERVATION For each of the following audit procedures, classify each according to the eight types of audit evidence above    Inquire of management whether there is any obsolete inventory on hand at the balance sheet date Examine a sample of vendor’s invoices to determine whether the goods or services received are...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT