Commercial Contracts (A Practical Guide)

Contract law is very complex and working with commercial contracts that are unclear can have serious financial consequences. It is essential that people involved in negotiating or awarding contracts fully understand what they should and should not include.

This course offers an insight into the benefits of contracts and contractual terms and highlights the common pitfalls to avoid. It will help you understand how contracts are formed, how to manage the process and what terms are covered in writing and by implication.

The course will also explain how contracts support your commercial interests and help you avoid making unnecessary commitments, falling into commercial traps and improve your negotiating position.

What Will You Learn?

The course will explore:

• Contract law – the legal context
• Key components of a legally binding contract
  • Offer and acceptance - battle of the forms
  • Intent to create a legal relationship
  • Consideration
  • Capacity and mutual assent
• What constitutes a contract?
  • Letter of intent
  • Heads of terms
  • Memorandum of understanding
  • Invitation to treat
• Having a contract set aside
  • Unfairness and coercion
  • Misrepresentation
  • Legality
• The language and terms of contracts
  • Phrases used in contracts, such as force majeure, best endeavours etc.
  • Express terms and implied terms
  • Limitation of liability
  • Intellectual property
• Routes to exit a contract
  • Completion
  • Notice by time
  • Termination
  • Failure, default and insolvency
• Contract scenarios and tips for commercial survival