Topic 4: Contracts
Contracts are the way in which the first three Legal 101 topics materialize, and they come in all forms, shapes, and sizes. They’re generally understood as “enforceable promises”, so they add a level of certainty and trust between parties that don’t know each other very well. Certainty and trust are two cornerstones to any successful business relationship. Contracts can be used to:
- Prevent a party from doing something: “Don’t steal my business idea and set up a rival company!”
- Guarantee that a party does something: “Ship me 100 gallons of ice cream for this price and on this date!”, and
- To otherwise plan out relationships between the signors of said contract: “I am now your personal masseuse, sign here and here so you can’t sue me if I injure you!”
There’s a lot to cover in contracts law, so we made a Roadmap inside of a Roadmap. Check out Goodlawyer’s Ultimate Contract Law Guide. We go into all of the hum-drum legal principles, the different kinds of contracts you should be looking out for, best practices, and pitfalls to watch out for!