Question: EXERCISE 1 WHAT IS A CONTRACT? Identify two types of contracts that you commonly enter in your personal life and two types of contracts businesses

EXERCISE 1 WHAT IS A CONTRACT?
Identify two types of contracts that you commonly enter in your personal life and two types of contracts businesses regularly enter.
Describe the key features of a contract (agreement) and identify how the doctrine of privity of contract influences potential disputes in business.
Evaluate the commercial and legal reasons why contracts are important in business.

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