What Are the Key Aspects of Contract Law Every Business Should Know in India? ππΌ #ContractLaw #BusinessContracts #LegalEssentials #IndianLaw #Entrepreneurship #StartupTips #BusinessGrowth #LexisAndCompany Contracts are the backbone of any business relationship. Whether you're hiring employees, entering partnerships, or agreeing with vendors, having a legally binding contract ensures that both parties understand their rights and obligations. In India, understanding the key aspects of contract law is crucial to avoiding disputes and safeguarding your business interests. Here’s what every business should know about contract law! 1️⃣ Offer and Acceptance Every contract begins with an offer from one party and acceptance from the other. If there's no clear offer and acceptance, the contract may not be legally enforceable. The terms of the offer must be clear, specific, and communicated properly to avoid confusion. Why it's Important: Clear offers and acceptance make a contrac...
What Is a Franchise Agreement and Why Should You Have One for Your Business? π€πͺ Are you thinking about expanding your business through franchising? A Franchise Agreement is a vital legal contract that governs the relationship between the franchisor and the franchisee. Let’s explore why a Franchise Agreement is essential, what it includes, and how it benefits both the franchisor and the franchisee! ππ π What Is a Franchise Agreement? π‘ A Franchise Agreement is a legally binding contract that outlines the terms and conditions between a franchisor (the business owner) and the franchisee (the person or entity buying the franchise). This agreement sets the rules for using the franchisor’s brand, trademarks, operational systems, and intellectual property. π’πΌ π Key Elements of a Franchise Agreement: Franchise Fees – Specifies the upfront franchise fee and ongoing royalty fees the franchisee must pay. π° Territory – Outlines the geographical area where the franchisee is all...