Legal Concepts and Roles in Business

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Warranties

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Promises or guarantees made by a seller regarding the condition or quality of a product.

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Drafting a Contract

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The process of writing the terms and conditions of an agreement.

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Contractual Rights

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Legal entitlements granted by the terms of a contract.

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Contractual Duties

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Obligations that must be fulfilled as per the contract.

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Intellectual property developed under the Agreement belongs to the Contractor.

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The Client is granted a non-exclusive limited-use license of the intellectual property.

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Product warranties

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A supplier may offer a product warranty as part of the contract, guaranteeing the product is without defects and lasts a certain time.

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Entitlement options under the warranty

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Possible entitlements include a full refund, a replacement product, or nothing.

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Force majeure

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It is not seen as anybody’s fault if an extraordinary event occurs.It is considered a legitimate reason for non-performance.

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Contractual term for natural disasters

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Act of God

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Indemnity clause in a contract

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Protects against loss or blame