Every day, New Zealand businesses enter into new contracts. New contracts can be formed verbally, in writing or through conduct. So, your business must understand what you have agreed to with another party. Ensuring your commercial agreement is in writing is best practice.

A contract is a set of promises or legally binding agreement between two or more parties that the law can enforce. Contracts contain four main elements: 

  1. offer;
  2. acceptance;
  3. the intent to create a binding relationship; and 
  4. consideration.

A legally binding contract will provide your business with rights if the other party to the contract does not keep their promise. 

LegalVision’s lawyers draw on their experience to write extensively on commercial contracts. They provide useful guidance for any Kiwi business owner who has received a contract and is contemplating next steps. Our articles also provide tips on how to arrange appropriate contracts for your business. 

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