This foundational course provides a comprehensive overview of the essential principles and concepts of business and contract law that govern commercial relationships and transactions. Participants will explore the legal framework within which businesses operate, including contract formation, validity, and enforcement mechanisms. The course covers key legal concepts such as offer and acceptance, consideration, capacity, and the legal consequences of breach of contract. Through practical examples and case studies, learners will develop a solid understanding of how legal principles apply to everyday business situations and contractual relationships.
Fundamentals of Business and Contract Law
Legal and Contracts Management
October 25, 2025
Introduction
Objectives
Upon completion, participants will be able to:
- Understand the basic principles of contract law and formation
- Identify essential elements of a valid contract
- Recognize different types of contracts and their legal implications
- Understand contractual rights, duties, and obligations
- Identify circumstances that may invalidate a contract
- Recognize remedies available for breach of contract
- Understand the legal framework for business transactions
- Apply legal principles to common business scenarios
- Identify when to seek legal advice in business matters
Target Audience
- Business owners and entrepreneurs
- Contract administrators and managers
- Project managers and team leaders
- Procurement and purchasing professionals
- Sales and business development staff
- Administrative and operations managers
- Recent business and law graduates
- Non-legal professionals involved in contracting
Methodology
- Case studies analyzing real contract disputes and resolutions
- Group activities drafting and reviewing basic contract clauses
- Individual exercises identifying legal issues in business scenarios
- Scenario-based problem-solving for contract formation
- Mini-case studies on breach and remedy situations
- Syndicate discussions on legal risk assessment
- Role-playing exercises for contract negotiations
Personal Impact
- Enhanced understanding of legal principles in business contexts
- Improved ability to identify legal risks in transactions
- Stronger analytical skills for contract review
- Better decision-making in contractual matters
- Increased confidence in business negotiations
- Enhanced ability to collaborate effectively with legal counsel
Organizational Impact
- Reduced legal disputes and associated costs
- Improved contract compliance and performance
- Enhanced risk management in business operations
- Better protection of organizational interests
- Improved stakeholder confidence in contracting processes
- More efficient resolution of contractual issues
Course Outline
Unit 1: Introduction to Business Law
Section 1.1: Legal Framework- Overview of the legal system and court structure
- Sources of business law and legal principles
- Difference between civil and criminal law
- Legal personality and business entities
- Jurisdiction and applicable law considerations
- Legal capacity and authority to contract
- Principles of agency and representation
- Intellectual property basics
- Liability and negligence principles
Unit 2: Contract Formation and Elements
Section 2.1: Essential Elements- Offer and acceptance requirements
- Consideration and its legal significance
- Intention to create legal relations
- Certainty and completeness of terms
- Formalities and writing requirements
- Capacity of parties to contract
- Genuine consent and vitiating factors
- Legality of purpose and objects
- Formation of electronic contracts
Unit 3: Contract Terms and Interpretation
Section 3.1: Types of Terms- Express terms and their incorporation
- Implied terms by law, custom, or statute
- Conditions, warranties, and innominate terms
- Exclusion and limitation clauses
- Unfair contract terms legislation
- Rules of contractual interpretation
- Parol evidence rule and exceptions
- Incorporation of documents by reference
- Ambiguity and contra proferentem rule
Unit 4: Contract Performance and Breach
Section 4.1: Performance and Discharge- Methods of contract discharge
- Performance and substantial performance
- Breach of contract and anticipatory breach
- Frustration of contract and force majeure
- Variation and waiver of contractual terms
Unit 5: Remedies and Enforcement
Section 5.1: Legal Remedies- Damages and compensation principles
- Specific performance and injunctions
- Liquidated damages and penalties
- Restitution and quantum meruit
- Limitation periods and time bars
Unit 6: Special Contract Types
Section 6.1: Business Contracts- Sale of goods and services contracts
- Agency and distribution agreements
- Employment and consultancy contracts
- Confidentiality and non-disclosure agreements
- Consumer protection considerations
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