Modern Business World

In the modern business world, the concept of contract plays a significant role in the operational and management aspect of the business corporations. Agreements and relationship between business entities for the best economic benefits are established and governed by the legal contract bonds they create. In this contract, all of the relevant details and informations important to the business deals and agreements are clearly stated. Indeed, contracts play as the sealed agreement of the businesses withholding them to meet their end of bargain as the involved parties agreed upon.

In the legal contract document, different elements are presented outlining all of the agreed details of the business relationship. Most important among all of these details are the duties and responsibilities of the involved parties to the agreement made. As the written contract symbolizes the verbal and conceptual accord of the parties, the details of the bargain of each party must be clearly presented in this document. The detailed responsibilities presented in the document are also referenced by conditional clauses stating that terms and options of the agreement. All of these facts are summarize in the document as agreed upon by the involved parties in the contract.

Contracts are important in the modern business world as this signifies the written and concrete evidence of the agreement of the involved parties. To protect the credibility of the contract, legal matters are added to the documents. In terms of violation of the contract bond, the offended party’s or parties’ rights are protected by the legal structure enabling them to apprehend the violator for legal penalties. The modern legal structure also regards the contract issue to be highly important thus, the credibility of this agreement bond must be preserved and protected through the legal aspect.

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Consider for example the case of a certain lawsuit filed against a party for breaching the agreed contract between them. April 2007, the well-known Oscar winning actor Kevin Costner filed a lawsuit against a marketing and promotional corporation for breaching their contract due to the act of the latter’s disappearance neglecting their responsibilities as agreed upon by the two parties. The details of the lawsuit has stated that on the start of the year 2007, the party of Costner has made an agreement with the Mahee Worldwide Ventures Inc. for the promotional and marketing rights for the former’s newly formed, music band. 

Read about negotiable and nonnegotiable instruments

The contract was agreed for a two years deal calling for the Mahee Worldwide Ventures Inc to advertise the band through different medias namely through websites and mobile content and to organize a five concert deal per year for the band in exchange for the recording and intellectual rights of the band’s name and popularity.

As both parties have agreed, a legal document was drawn up and signed after the payment was made establishing the legality and substantiality of the contract agreement. However, few weeks after the contract was made, the representatives of Mahee Worldwide Ventures Inc. disappeared from the scene and refused to communicate with Costner’s Kevin’s Music LLC (KML) to discuss the business of their contract and operation. This has led to some unfavorable issues for the Costner’s band convincing him to sue the company for breach of contract in respect of the actor’s musical venture.

Indeed, contract is important for the business world as this a formal and legal documentation of the agreement between two or more parties for their respective interest. From the period of the formal implementation of the legal contract, parties are already binded to uphold and commit to their respective responsibilities to the agreement. In cases of breach and violation, the legal structure gives the offended or adversely affected parties to pursue legal implications to the issue as part of their rights for the contract’s legal substantiality.

Bibliography

LawFuel (April 07, 2007). Kevin Costner Lawsuit - Breach Of Contract Lawsuit Issued For Music Non-Performance. LawFuel.com. http://lawfuel.com/show-release.asp?ID=11561. June 14, 2007.

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