A contract is an agreement entered
into voluntarily by two parties or more with the intention of creating a legal
obligation in which there is a promise to do something in return for a valuable
benefit known as consideration.
Since the law of contracts is at
the heart of most business dealings, it is one of the significant areas of
legal concern and can involve variations on circumstances and complexities. The
existence of a contract requires finding the following factual elements
- An offer.
- An acceptance of the offer which results in
understanding of two parties.
- A promise to perform and a valuable.
- A time or event when performance must be made.
- Terms and conditions for performance, including fulfilling
promises.
2. Oracle
EBS Contracts
In real life every organization,
every business is closely working within the boundaries of contract laid
between two parties. It can be a manufacturer and a dealer or an independent
worker and an organization. In this case all happens within Oracle E-Business
Suite.
In fact, contracts govern
most businesstransactions. Companies rely on contracts to define:
Specific products or services that
they sell or buy.
Terms and conditions that govern
pricing, shipment, payment, quality, and othermutual business and legal
obligations of the involved parties.
Oracle contracts provide common
infrastructure components that will be uses across all the different modules
that deal with contracts.
- Contract Terms Library
- Contract Terms Authoring and Printing
- Contract Document Management
- Contract Repository
- Contracts Workbench
