IE Business School Online Masters
Atul Tannan
July 18, 2011

What is a contract?

“A contract is a legally enforceable agreement between two or more parties with mutual obligations, which may or may not have elements in writing. Contracts can also be formed orally (parol contracts). The remedy at law for breach of contract is usually “damages” or monetary compensation.” (Wikipedia)

This is the legal term. But I’ve heard from many seasoned businessmen say that their best business contracts have been mainly verbal. Some of the best business relationships have forged through trust and not by signing contracts. At the same time many people work ONLY with contracts but know how to smartly manipulate them.

What do you guys think about this? I am sure many of you must have great experiences to share over this topic. Feel free to post your thoughts.

Looking forward to hearing from you guys.


P.S – The GMBA train is still going as fast. The train will be taking a stop at the Harvard University next week. I will share my experience after I come back from Boston.


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