Contracts 101: read this before signing

The title of the blog entry seems self-explanatory, Contracts 101. It probably sounds familiar, like a simple sales pitch in an introductory business book bought on Amazon. That’s if you read the title. If you listen to the words, it might make you think about your first big job or starting a big career in the city. The professors at college probably gave this slogan all the time.

The professors at Indiana University, located a Bloomington, always introduced this topic to us. Some of the brightest students said, “It makes me think about my dream job. I sign a few papers, get an office desk, a hot ride, and a lease to downtown, contracts 101.” If you are a young adult reading this, there is only one thing to remember. Yes, contracts are about business, exchanging goods, and transacting money. However, there is one dimension a lot of entrepreneurs should spend more time studying. This is that contracts are meant to be enforced by the law.

The fed has spent $3.59 trillion in response to COVID-19. This is according to USASpending.gov. Most of us can’t exactly grasp that number. When we think of 20 bucks, we think about a vehicle wash, some burgers and fries, or visualize 20 single dollars. We don’t exactly think about how 3.59 trillion adds. A contract, yes, is a simple signature, but it is a binding agreement. Making you somewhat responsible for the amount money. Contracts 101, it’s not just an enforceable and easy solution to administering business. Rather, a way to delegate some massive amounts of money that are sure to add up to some real interesting economic situations, until the contract is fulfilled.

One important thought to consider as contracts become more reliant in the economy is to develop negotiations skills. Typically, Procurementtactics.com states only 20% remember what the other party says. This aftermath could be a real interesting result to our millennial network, our housing and mortgages, and personal finance questions.