"It Is Imperative That All Business Contracts Be in Writing

question 28

Essay

"It is imperative that all business contracts be in writing." Assess this statement.Is it accurate from a legal perspective? It is accurate from the perspective of risk management? Explain your reasoning.

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Definitions:

Conflict

Disagreement or discord resulting from opposing actions, views, or interests between parties.

Consideration

In contract law, the benefit, interest, or value that must be exchanged between parties engaging in a contract.

Modification

An alteration or amendment to an existing contract or agreement without changing its fundamental essence.

Rescission

the legal act of voiding a contract and returning all parties to their pre-contractual states.