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Contract Law
This essay is published for informational purposes only. It is not legal advice, nor is it intended as a substitute for the advice of your attorney.
Contract law is an important source of guidance for trade creditors. A contract typically serves as the governing document between the buyer and seller related to a specific sales transaction(s). The contract will be drafted and interpreted in light of various legal concepts and rules. Factors that will be considered in interpreting the contract include the choice of law, choice of venue, place of execution of the contract and the place of performance of the contract.
Contract law will typically provide for remedies in the event of a dispute such as one that might arise between a buyer an It is critical for the credit manager to seek legal counsel to cover the components of contract law and ensure that the contract related risk is lessened.
Edited by Michael C. Dennis. Mr. Dennis is the author of several books relating to credit risk management and commercial collections. He can be reached by email at mcdennis13@yahoo.com