A contract of some type or another governs nearly all human interaction. It is an offer for something and the rules for when things go south. What is the formal definition of a contract? In this movie, author Seth Polansky explains what a contract is and gives a broad overview of how it works in a creative business.
- Now I could start with a definition of a contract,…but that's boring, well, actually, it's offer, acceptance,…and mutual reciprocal inducement,…or a meeting of the minds, by the way.…But instead, I'll start with a quote.…"Contract law is essentially a defensive scorched-earth…"battleground where the constant question is,…"'if my business partner was possessed by a brain-eating…"'monster from beyond spacetime tomorrow,…"'what is the worst thing they could possibly do to me?'"…As you can see, there's some vitriol expressed here.…This quote crystallizes why we have contracts…and why they're written down and signed.…
We'll be exploring this in greater detail,…but at its base, a contract in some form or another…governs nearly all human interaction.…In general, a contract is an offer for something,…and the rules for what happens when things go south.…Obviously that's very basic, but if we stop…to think about it, that's really all a contract is.…As I mentioned previously, a contract requires several…things, offer, acceptance, consideration, and mutuality.…
Disclaimer: This course is taught by an attorney and addresses US law concepts that may not apply in all countries. Neither LinkedIn (including Lynda.com) nor the instructor represents you and they are not giving legal advice. The information conveyed through this course is akin to a college or law school course; it is not intended to give legal advice, but instead to communicate information to help viewers understand the basics of the topic presented. The views (and legal interpretations) presented in this course do not necessarily represent the views of LinkedIn or Lynda.com.
- Why do you need a contract?
- Types of contracts
- Asking for an NDA
- Work-for-hire and contractor agreements
- Proposals, quotes, and statements of work
- Licensing agreements
- Delivery and payment terms