Question

Explain the importance of a good contract in business.

Answer 1

Answer:

A good contract is extremely important in business.

Contracts provide a written document that outlines the full understanding of the business relationship and scope of the work so that no one can claim any misunderstandings later down the road. They specify exactly what rights are being purchased and what rights you're retaining. They're binding and legally enforceable. In addition,They protect both you and the client. They also minimize risk. Furthermore, It’s a mark of professionalism and should actually inspire confidence, knowing that you take your business seriously.

Hope this helps :)