Contract is an agreement between two or more parties that is indented to be legally enforceable. A contract can be in writing or made orally and can be entered into by signing a document, agreeing to something on the telephone or clicking on ‘I agree’ on a web page.
There is a distinction between B2B (also know as, business to business) and B2C (business to consumer) contracts.
In its simplest form, B2B refers to transections between two businesses where both the buyer and the seller are business owners. In this kind of transections, buyers purchase products in large quantities to satisfy the demands of their local consumers.
B2C, on the other hand, refers to transections between a business and consumer. An example of this kind of transection is a store, which sells products to its local consumers.
Both B2B and B2C contracts may face some challenges, more particularly with unfair contract terms. The terms of a contract are the statements that describe the rights and obligations of each party to the agreement. Terms are all the matters agreed between the parties about what is to be done, how it will be done and under what circumstances. Terms are usually determined by the parties to the agreement and constitute the elements of the contract. They are binding and carry …show more content…
The fist one is supplementary function, where a court can fill the gaps in the party agreement. According to the art 1:202 PECL, each party owes to the other party a duty to co-operate in order to give full effect to the contract. The second is interpretation function. Under this function the parties have a duty to give a meaning to the contractual terms that fit their common goal, which is interpreted in a way with how reasonable parties would construe the contract. And least but not least is restriction function. This function restricts the exercise of contractual
There is a distinction between B2B (also know as, business to business) and B2C (business to consumer) contracts.
In its simplest form, B2B refers to transections between two businesses where both the buyer and the seller are business owners. In this kind of transections, buyers purchase products in large quantities to satisfy the demands of their local consumers.
B2C, on the other hand, refers to transections between a business and consumer. An example of this kind of transection is a store, which sells products to its local consumers.
Both B2B and B2C contracts may face some challenges, more particularly with unfair contract terms. The terms of a contract are the statements that describe the rights and obligations of each party to the agreement. Terms are all the matters agreed between the parties about what is to be done, how it will be done and under what circumstances. Terms are usually determined by the parties to the agreement and constitute the elements of the contract. They are binding and carry …show more content…
The fist one is supplementary function, where a court can fill the gaps in the party agreement. According to the art 1:202 PECL, each party owes to the other party a duty to co-operate in order to give full effect to the contract. The second is interpretation function. Under this function the parties have a duty to give a meaning to the contractual terms that fit their common goal, which is interpreted in a way with how reasonable parties would construe the contract. And least but not least is restriction function. This function restricts the exercise of contractual