3 - Contract essentials
Mastering Business Contracts: Key Principles for Australian Businesses In this episode of Business Know How, host Melissa Bush, a seasoned lawyer with 30 years of experience, breaks down the essential elements of contracts for Australian businesses. Melissa discusses critical components such as offer, acceptance, consideration, intention to create legal relations, legal capacity, and genuine consent. She explains how these principles apply in practical terms, using scenarios involving small business transactions like a cafe ordering coffee beans. Additionally, Melissa provides advice on mitigating disputes with suppliers, customers, and landlords through clear, written agreements and effective communication.
00:00 Introduction to Business Know How
01:00 Understanding Contract Essentials
01:34 Offer and Acceptance in Contracts
02:24 The Role of Consideration
03:05 Intention and Legal Capacity
04:57 Consent and Practical Applications
08:21 Real-World Contract Scenarios
11:38 Handling Breaches and Disputes
15:16 Proactive Steps to Avoid Disputes
17:21 Conclusion and Resources
https://www.accc.gov.au/business/selling-products-and-services/contracts
