Contract in business law ppt

How do contracts work in business?
Typically, these business contracts will be drafted by either the buyer or the seller, and they will describe the specific terms of an agreement, such as: what is being promised by each party, when these promises need to be completed, what will be delivered, and when payment for these products and services will be due..
What is a contract Slideshare?
Feb. 15, 2017•11 likes•10,928 views.
Business.
A contract is an agreement between 2 or more parties that creates an obligation.
There are six essential elements that make a contract a legally enforceable agreements..
A contract is an agreement between two parties that creates an obligation to perform (or not perform) a particular duty.
A legally enforceable contract requires the following elements, all of which are discussed in more detail below.
A valid contract is a written or expressed agreement between two parties to provide a product or service.
A void contract is missing an element.
In a voidable contract, there is an option for the parties to enforce the terms even though an element is missing, or some other issue exists with the terms.
So we can say that a contract is an agreement between two or more parties to do or to abstain from doing something, they decided in exchange for something, that is, a consideration.
Intention to create Legal Relations.
Offer and Acceptance.
Lawful Consideration.

b: a business arrangement for the supply of goods or services at a fixed price. - These are the basic elements, but contract law can get a lot more

How do contracts work in business?