Every business owner comprehends that drafting and signing contracts play an essential role in daily operations. Since we can't base professional transactions on word of mouth, a contract stipulates the when, what and where of any transaction between two or more parties. In the absence of such an agreement, potential investors and suppliers can renege on their commitment and adversely affect any meaningful growth. To sensitize the importance of a contract, individuals deemed in breach of a contract are liable to prosecution before a presiding jury.
Running a business is difficult enough on its own, but what can make things even more difficult is when your competitors resort to cheating and unethical behavior to gain an advantage. Fortunately, a set of laws known as the Unfair Competition laws have been formulated to protect against unethical business practices. In order to utilize these laws, first you must understand what constitutes unfair competition practices in business.
When two parties enter into an agreement and sign a contract, it is expected that they both will uphold their end of the bargain. Businesses often enter into contracts with employees and other businesses hoping for positive results, but, unfortunately, this doesn't always happen. In fact, in some cases, when a contract has been breached, and one party feels as though the other owes them, there are several ways for the situation to be resolved.
If you run a business, drafting and signing contracts are a part of everyday operations. If the world were perfect, we could all just agree and take one another at our words. But in the real world delays are inevitable, financial issues arise and sometimes people go back on their promises. When someone does breach a contract, the court allows the wronged party to be made whole again.