The importance of contracts in business relationship

Abstract

Sometimes the administrative side of a business can seem slightly monotonous. In reality, however, it is fundamental to the success and growth of a business. In addition to the legal entity and tax and accounting matters, contracts and their provisions are equally important. Issuing legally correct contracts ensures results as expected, performed obligations and helps in unforeseen situations. The purpose of this research is to carry out a multifaceted analysis of the subject under investigation, a contract is a legal act consisting of a will agreement concluded between two or more persons in order to create, modify or extinguish legal relationships. Research methods. The basic method used to find the sources needed for the study, as well as for the interpretation and systematization of the latest concepts and ideas was the bibliographic method. At the same time, analysis and synthesis, induction and deduction, generalization were used in the research, which created objective, true visions about the principles of legal responsibility and its functional structure. At the same time, analysis and synthesis, induction and deduction, generalization etc. used in the research created objective, true visions about the principles of legal responsibility and its functional structure. Research results. Following the research of the proposed objectives we have managed to analyze the importance of contracts in business relationship in several aspects: definition of the norm, formation, scoring of distinctive features, advantages and disadvantages. CZU: 347.7:344.722(100+478); JEL: K2; DOI: https://doi.org/10.53486/cike2022.55