In one sense, running a business might be described as ‘managing’ a whole series of contracts.
Every time you sell a product or service you enter into a contract with the buyer – an offer to provide goods or services at a stated price, on acceptance by the buyer results, in legal terms in a contract. Such contract imposes duties and obligations on the seller and bestows rights on the buyer. Every time you buy a product or service you enter into a contract with the seller. For every employee you take on, you enter into a contract of employment with that person.
Some contracts are simple and everyday and are not put into writing. Others, including those which arise after ‘negotiations’ between buyer and seller, are usually put into writing to protect both parties – if they are not put into writing the product or service will be deemed to be sold subject to the Terms & Conditions of the seller which therefore become a substantive part of the contract that is agreed.