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Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises
This book aims to explain the principles of contract law for the businessman, and to put those principles into their commercial context. Anyone involved in commercial transactions needs at least a basic understanding of the principles of contract law – the legal framework for all commercial activity. A lack of such a basic understanding at best results in a business which is less competitive and ultimately less profitable than it should be, and at worst can have expensive and sometimes disastrous commercial consequences.
280 pages, Hardcover
First published January 1, 1996
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January 22, 2010
Review stolen from one I wrote for Amazon :-)
I bought this book as I am starting up in business on my own. So I can't comment on the technical accuracy of the book, only how it has helped me.
The most striking thing about the book is the incredibly clear way legal contract principles are explained, and how they have practical significance. For example, the requirement that each party in a contract must make some commitment in it means that an agreement to write off debt in return for an immediate part payment may be invalid (as his previous obligation to pay the full amount cannot be counted as a commitment in the new agreement). The fact that all contracts are formed as the acceptance of on offer means that contracts may be formed before anything is signed, if one party has already agreed to all the terms.
The authors constantly emphasise the personal and political nature of contracts, such how market strength affects the terms companies can impose on those they deal with. (For example, liability, indemnity, demands of performance.) There are also many points where the authors stress the importance of the personal nature of doing business, and how litigation should be a last resort (something that can be taken as a sign of honesty, given their vested interest in legal proceedings).
A wide range of issues and applicable laws are discussed, with references to things due to change shortly after publication. These are supported with historical background, and insightful case studies, many of which came from deceptively simple situations. There are a lot of consumer-related issues too, which are of benefit even outside of business deals.
Depending on your opinion of law, you may think this is a dry topic (I happen to enjoy it from a logical problem-solving perspective, although I wouldn't fancy it as a career). But the balanced structure of the book, clarity of the writing and practical nature of the contents make it an easy read. The authors also have a subtle but extremely wry sense of humour, which lightens the tone.
I highly recommend this book, not only to people in (or going into) business, but also to anyone who makes deals on a regular basis. It may well change the way you approach constructing a fair and viable transaction.
I bought this book as I am starting up in business on my own. So I can't comment on the technical accuracy of the book, only how it has helped me.
The most striking thing about the book is the incredibly clear way legal contract principles are explained, and how they have practical significance. For example, the requirement that each party in a contract must make some commitment in it means that an agreement to write off debt in return for an immediate part payment may be invalid (as his previous obligation to pay the full amount cannot be counted as a commitment in the new agreement). The fact that all contracts are formed as the acceptance of on offer means that contracts may be formed before anything is signed, if one party has already agreed to all the terms.
The authors constantly emphasise the personal and political nature of contracts, such how market strength affects the terms companies can impose on those they deal with. (For example, liability, indemnity, demands of performance.) There are also many points where the authors stress the importance of the personal nature of doing business, and how litigation should be a last resort (something that can be taken as a sign of honesty, given their vested interest in legal proceedings).
A wide range of issues and applicable laws are discussed, with references to things due to change shortly after publication. These are supported with historical background, and insightful case studies, many of which came from deceptively simple situations. There are a lot of consumer-related issues too, which are of benefit even outside of business deals.
Depending on your opinion of law, you may think this is a dry topic (I happen to enjoy it from a logical problem-solving perspective, although I wouldn't fancy it as a career). But the balanced structure of the book, clarity of the writing and practical nature of the contents make it an easy read. The authors also have a subtle but extremely wry sense of humour, which lightens the tone.
I highly recommend this book, not only to people in (or going into) business, but also to anyone who makes deals on a regular basis. It may well change the way you approach constructing a fair and viable transaction.
Displaying 1 of 1 review