What is commercial contract?

A commercial contract refers to a legally binding agreement between parties in which they are obligated to do or not do certain things. Contracts may be written or verbal and drawn up in a formal or informal way. Most businesses create contracts in writing to make the terms of agreement clear, often seeking legal counsel when drawing important contracts. Contracts may encompass all aspects of a business, including hiring, wages, employee safety, leases and loans.

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http://public.getlegal.com/legal-info-center/commercial-contract