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Surname 1Contracting-Obligation and Duties of the Contracting PartiesStudent’s NameCourse +Course NameProfessor’s NameInstitutionCity, StateDate:
Surname 2IntroductionThe law of contract has emerged as a significant branch of law that promotes cooperation and assurance in the society. Previous research indicates that there is a challenge of fear of retaliation by the companies to bring people to exercise their responsibilities after experiencing failing contracts (Andrews, 2011). The application of effective legal contract facilitates people in the community to appoint qualified individuals to conduct typical responsibilities by complying with contracts approved by the legitimate jurisdiction. Countless businesses are surviving due to the legal contract that eradicates misconceptions about various companies’ deals and human errors. Undeniably, contracts allow strangers to bring about reconciliation in business operations, for instance, lending money to purchase a land, etc. Furthermore, modern business is embracing service contracts that have transformedthe enterprise operational activities (Andrews, 2011). Lawyers indicate that service contracts have made it feasible for industries to contract with other companies to accomplish services, including technical support and hands-on experience (MacIntyre, 2012). These businesses are in a position to incorporate essential information pertaining to prices of various services and the rate at which the firm will carry out the duties. It ensures that companies will not go ahead to finish the task without being refunded by another business party. The contracts promote the existing functional, non-compete agreements that forbid firms from supplying goods in diverse commercial market areas. Business transactions are becoming applicable since the contracts guarantee fixed costs(MacIntyre, 2012). Companies can engage in any cost that they comply within a contract and adhere to certain terms without fear of the cost changing over time. The aim of this paper is toevaluate the obligation and functions of the contracting groups in order to have a coherent understanding of their overall roles in legal contractual matters. For these reasons, the