Section 2: Operating a Business

Lesson 2: Sales of Goods and Services Legislation

A contract is a promise, or a set of promises, which the law recognizes as binding and enforceable. Contracts form the foundation of all business transactions. When a business buys or sells goods or services, hires employees, or leases or purchases business premises, it enters into a legally binding agreement. It is, therefore, imperative for all businesses to understand their rights and obligations.