| The contract or agreement is very vital factor in | | | | A contract can be made verbally to some extent. |
| the trade and commerce. The importance of the | | | | For instance, you visit the departmental store to |
| contractual agreement is massive in the society | | | | purchase any low priced product just by paying |
| which is under the direct influence of the | | | | the little amount. There is no requirement to sign |
| globalization and speedy expansion of the | | | | up any bond. However, a written contract is |
| commercial belt all over the world. Now what do | | | | made between the sellers and the buyers for the |
| you mean to say it is contract and you have | | | | exchange of the property, valuable assets and |
| signed up? To be frank, by getting locked into the | | | | other sumptuous gadgets. Both are agreed to |
| agreement, you are responsible to purchase or | | | | accept the ownership process following the term |
| sell the products. Better to say, a contract or a | | | | and conditions. The transaction is legal and |
| legal agreement determines the transfer of the | | | | therefore there will be no risk to face any |
| ownership or authorization from one hand to | | | | sophistry or fake transaction. However contract |
| other. | | | | formation is applicable to large entity. It is widely |
| Generally, there are few areas of activities which | | | | used to enhance the development of the society. |
| are not manipulated through the written | | | | It is a much complicated agreement. When a |
| agreement. For instance, we usually enjoy few | | | | multinational company or any commercial sector is |
| civil rights without making any written | | | | set up for the enhancement of the all round |
| commitment. From car parking, the usage of the | | | | development of the trade and commerce of the |
| janitorial services down to drink water and eat | | | | country, it will be the huge responsibility and |
| food from eateries and kiosks, we are not legally | | | | accountability on the part of the government and |
| bound to sign up the contract. However, you will | | | | other commercial sectors to mature a legal bond |
| have to own up the responsibility to follow the | | | | or setting which will ensure better transaction for |
| guidelines and directions which are set by the | | | | the upliftment of the society. Therefore, the |
| government and the regional administrative | | | | magnitude of the contract formation is massive |
| machineries. Therefore, every citizen must be | | | | and it is much valuable comparing to the verbal |
| responsible to show the respect to institutional | | | | agreement. It will upgrade the economic |
| force which has enacted the set of laws for | | | | infrastructure of a country. |
| better governance of the society. | | | | |