Frequently Asked Questions

What are the most common commercial contracts?

The most common commercial contracts(also called business contracts) are the sale of goods, service agreements, non-disclosure agreements (NDA), teaming, and partnership agreements. You can find them all on Cheers platform. 

What is the type of contract to start the negotiation of a business? 

The type of contract to start the negotiation of a business is typically a letter of intent or NDA (Non-Disclosure Agreement). These documents outline the terms and conditions of the proposed agreement and serve as a starting point for negotiations.

What is a simple contract for business? 

Well, we are afraid there is no such a thing as a 'simple contract for business’, contracts are intrinsically complex, but CHEERS simplify them for you, providing you a platform on which you can rely to create your legally binding agreements, involving two or more parties that outlines the terms and conditions to rule the business transaction. The contracts as a rule of thumb should at least include the full name and address of the parties involved, the purpose of the contract, the obligations of each party (commonly known as ‘scope of work’), and the applicable law or regulation. The key element is the scope of work, no one better than you knows what you can/will do for your customers or what you expect from your supplier, the clearer you make this point, you will reduce the risk of dispute. At Cheers, we put together 30 years of experience and all the lessons learned when negotiating complicated contracts. 

What is an example of a business contract? 

An example of a business contract is a Service Agreement, which outlines the terms and conditions for the performance of a service between two parties. It typically outlines the extent and level of responsibility the service provided will take, and whether the supplier guarantees any results. It includes the names of the parties involved, the price, payment terms, and any applicable warranties or guarantees.

Can I write my own business contract? 

Yes, you can write your own business contracts. However, it is important to ensure that the contract is legally binding, complies with all applicable laws and regulations, and contains all the clauses to protect your business from the unexpected. At Cheers we took care of this in advance, you should only make sure that all details are correct. The safer way to create your contracts is using Cheers contracts, following our expert guidance. 

What are the 5 requirements of a contract? 

The five requirements of a contract are: 1) an offer, 2) acceptance of the offer, 3) consideration, 4) capacity and 5) legality.  

How Cheers covers the 5 requirements of a contract? 

We drastically simplify contracts; the platform has the drafts to be completed in guided simple steps, which are sent from the platform and immediately received by your counterparty in their inbox, using predetermined credentials. Your counterparty will have two options: accept and sign your offer or leave a comment for consideration and negotiation, and subsequent acceptance. You will receive notifications throughout this process to keep up and speed up the closing. 

What is acceptance in contracts?

The acceptance of a contract’s terms is the agreement to the terms tendered in a contract. It must be communicated to the offeror in a way that is specified in the contract, or in a way that is reasonable in the circumstances, needless to say, that to be legally binding, has to be accepted by both parties.

Are contracts signed at Cheers legally binding?

In general, contracts that are electronically signed are legally binding. In order for a contract to be legally binding, it must meet certain requirements, such as the presence of offer and acceptance, consideration (i.e. something of value being exchanged), and the intention to create a legal relationship. All these requirements are covered on Cheers platform. As long as these requirements are met, a contract can be legally binding whether it is signed on paper or electronically. In fact, many countries have laws that specifically recognize the validity of electronic signatures on contracts, especially commercial contracts relating to the sale of services or goods. We always recommend seeking legal advice when in doubt, especially in highly regulated sectors such as financial services or real estate law.

What are the types of contracts in business?

You can identify the type of contract by how the acceptance is consolidated. The three types of contracts are unilateral, bilateral, and multilateral contracts. Unilateral contracts involve one party making an offer and the other party accepting it. Bilateral contracts involve two parties making promises to each other. Multilateral contracts involve more than two parties making promises to each other.