Contracts can be oral (spoken), written or a combination of both. Some types of contracts, such as. B the purchase or sale of real estate or financing contracts must be in writing. The legal proceeding or dispute determines whether the contract has been breached or whether there are circumstances that deny the infringement. However, the court is only found to be in a contractual dispute if the contract is valid. Ability or ability of each party to understand and therefore conclude the contract. Three categories of persons are automatically eliminated: minors or persons under 18 years of age; mentally handicapped; and those who are intoxicated. If someone of them still has a contract, he is liable to challenge. Oral agreements are based on the good faith of all parties and can be difficult to prove. Contract management is part of running a small business. You will have a number of business relationships involving some kind of commitment or contractual commitment…