Learning Business Contracts for Beginners from Udemy

Contracts are the lifeblood of most businesses. Unfortunately, too many people sign them without really understanding what they mean.

Taught by a business attorney nationally recognized as one of the best in the country, this course will teach you everything you need to know to minimize your risk, protect your company and create win-win situations when drafting, negotiating, and signing business contracts. You will learn the basics of business contracts including:

How to decode and understand often confusing legal terms.
How to personally craft your own contract
What to look for and negotiate when signing the other guy’s contract.

This is the course that you need to take in order to make sure that you and your company are protected, that you get what you want, and that you can sleep at night without anxiety about your contract.

What's inside

Learning objectives

Develop the rock-solid, plain-english contracts you need to protect your organization and personal assets.
Understand common legal terms and weed through the complicated legalese of contracts you're likely to see in the course of running your business.

Understand what to look for and how to negotiate key conditions for those times when you're asked to sign someone else’s contract.
Sleep better at night knowing that you’ve minimized your risk and protected yourself.

Develop the rock-solid, plain-english contracts you need to protect your organization and personal assets.
Understand common legal terms and weed through the complicated legalese of contracts you're likely to see in the course of running your business.
Understand what to look for and how to negotiate key conditions for those times when you're asked to sign someone else’s contract.
Sleep better at night knowing that you’ve minimized your risk and protected yourself.

Syllabus

Introduction to Contracts; Building your Foundation

This course overview provides a roadmap, showing students how we will begin with basic concepts, learn to decipher legalese, and negotiate contracts carefully tailored to protect their assets and help them attain their goals.

Even if they understand the words on the page, most business owners never learn the strategy behind drafting and negotiating a solid contract. In this module students will learn to think about their agreements strategically by understanding the nature of risk and learning to ask the two questions most important to drafting a winning contract.

Students will learn the critical importance of identifying the correct parties to a contract and the best way to provide what each side must do in order to fully perform its obligations. In addition, students will also learn how to draft a contract to protect their interests if the other side does not perform as promised.

Protecting your Company and your Bottom Line

A good contract protects your assets and your bottom line. In this module, students will learn the different provisions they should add to a contract to protect themselves when things don't quite go as planned.

This module builds on Module 4 by providing students with additional tools to reduce risk when drafting and negotiating contracts.

Reading, Analyzing, and Negotiating Business Contracts Like a Pro

This module takes the intimidation factor out of even the most dense legalese by teaching students what the terms mean and how to draft important terms and definitions in their best interest.

Business owners often have to sign the other side's contract. In this module, students will learn how to negotiate on the other side's turf. They will learn to negotiate critical provisions and how to analyze their risk even when dealing with the most densely worded, arcane agreements.

Module 8 delvers farther into the S.T.O.P. and L.O.O.K system and continues the examination of the critical issues everyone must evaluate and understand before signing on the bottom line of someone else's contract.

Contracts in Real Life

Students will be able to test their knowledge and understanding of business contracts by analyzing a real-life example of the kind of contract they may very well see in real life (but hope not to). They will be able to read an example of both a poorly written contract and a well written, easy to understand contract, with comments provided to take the mystery out of the problems they will encounter.

Master Contracts, and Why You Need Them

Want to streamline your operations, reduce legal fees and save a few trees in the bargain? Consider using a Master Contract. In this bonus module, we’ll explore the pros, cons, tricks and traps of Master Contracts – what to put into yours and what to look out for when you’re asked to sign someone else’s.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Provides strategies to craft business contracts that protect organizations and personal assets

Taught by a highly acclaimed business attorney

Builds a strong foundation in understanding business contracts

Empowers learners to analyze and negotiate even complex legal agreements

Requires learners to have some familiarity with legal concepts

Focuses on protecting the interests of the contracting party rather than providing a balanced perspective

Reviews summary

Clear contract course

According to students, this course is described as having clear and comprehensive explanations. Because this course is full of interesting examples, learners say that it is a great course for beginners.

Learners describe course explanations as clear.

"All explanations are comprehensive and clear."

Course materials are engaging with interesting examples.

"The course is full of interesting examples."

This course is great for beginners.

This course could be improved with the addition of assessments.

"The only thing I would add to it are tests to check your understanding."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Learning Business Contracts for Beginners with these activities:

Complete Udemy's 'Learn Business Contracts from Scratch' course

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Supplement your learning with this beginner-friendly Udemy course that will introduce you to business contracts, giving you a solid foundation.

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Enroll in the Udemy course
Watch video tutorials
Complete quizzes and assignments

Read through relevant prior law cases

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Start your law contract journey off right by examining how other contracts influenced the legal landscape. This will help you build your foundational understanding of contracts.

Browse courses on Law

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Locate relevant case law and legal precedent
Read through cases to identify key legal principles
Summarize findings and make connections to contract law

Compile a glossary of key contract terms

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Create a comprehensive glossary of key contract terms to enhance your understanding and retention of legal jargon. This personal reference will prove invaluable as you navigate complex contracts throughout your career.

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Identify frequently encountered contract terms
Define each term clearly and concisely
Organize the glossary alphabetically or by topic

Five other activities

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Show all eight activities

Read Robert J. Rhee's Power Contracts

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Enhance your contract knowledge outside of class by reading Robert Rhee's revered and insightful analysis of power contracts. This will help you understand the complex legal landscape that underpins contracts.

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Obtain a copy of the book
Read and comprehend the material
Annotate and highlight key points

Join a contract review study group

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Enhance your understanding of contract law by actively engaging with peers in a group setting. This collaborative approach will provide diverse perspectives and deepen your comprehension.

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Locate or form a contract review study group
Bring contracts to the group for review and discussion
Provide feedback and insights to other group members

Practice drafting contract clauses

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Build your contract drafting skills by working through various clauses. This hands-on approach will help you gain confidence in your ability to create legally sound contracts.

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Identify different types of contract clauses
Review sample clauses and analyze their purpose
Draft your own contract clauses based on given scenarios

Draft a sample contract based on a real-world scenario

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Take your contract drafting skills to the next level by creating a sample contract that addresses a real-world business scenario. This practical application will challenge you to apply your knowledge and produce a comprehensive legal document.

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Identify a suitable business scenario
Research applicable laws and regulations
Draft the contract, including all necessary clauses
Review and refine the draft contract

Participate in a contract negotiation simulation

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Put your negotiation skills to the test by participating in a simulated contract negotiation. This interactive exercise will allow you to apply your knowledge in a realistic setting, enhancing your ability to negotiate effectively.

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Identify a suitable contract negotiation simulation
Prepare for the negotiation by researching and gathering information
Participate in the simulation and actively negotiate
Reflect on your performance and identify areas for improvement

Career center

Learners who complete Learning Business Contracts for Beginners will develop knowledge and skills that may be useful to these careers:

Lawyer

A focused understanding of business contract law is imperative for Lawyers, particularly those who specialize in business law. This course may be useful for aspiring Lawyers who want to build a foundation in understanding business contracts.

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Compliance Officer

Compliance Officers need to understand contract terms and enforceability to ensure that their enterprise acts in accordance with all relevant laws, policies, and regulations. Many organizations rely on this role to help stay up-to-date with the latest contracting information. This course may be useful for Compliance Officers who want to build a foundation in contract drafting and negotiation, especially in regards to compliance and regulations.

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Procurement Manager

Procurement Managers are often involved in negotiating and signing contracts on behalf of their organization. This course may be useful for Procurement Managers who want to enhance their understanding of the key elements of contracts.

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Investment Banker

Investment Bankers are often involved in drafting and negotiating contracts on behalf of their clients. This course may be useful for Investment Bankers who want to enhance their understanding of the key elements of contracts.

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Entrepreneur

Entrepreneurs need to understand how to draft, negotiate, and enforce contracts to protect their business. Business contracts are critical for protecting assets and managing risk. This course may be useful for aspiring Entrepreneurs who want to build a foundation in business law.

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Negotiator

When negotiating on behalf of their company, Negotiators must be able to understand all of the terms in a contract and their impact on their company. They must also be able to negotiate on behalf of their company in such a way that they get the best possible deal. This course will help Negotiators develop the skills they need to create and negotiate ironclad contracts on behalf of their organization.

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Sales Manager

Sales Managers should have a comprehensive understanding of what a contract entails and the various components that make it legally binding. This course may be useful for aspiring Sales Managers who want to build a foundation in contract drafting and negotiation.

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Chief Executive Officer

Chief Executive Officers should understand the terms and conditions of any business contract their company enters into, because they are ultimately responsible for the success of their organization. This course may be useful for aspiring Chief Executive Officers who want to build a foundation in business law.

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Chief Operating Officer

Chief Operating Officers need to have a broad understanding of contract law, including the primary elements of enforceable contracts, as they are responsible for overseeing the day-to-day operations of the business. This course may be useful for aspiring Chief Operating Officers who want to build a foundation in business law.

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General Manager

General Managers need to understand contract terms and enforceability, as ensuring an efficient and effective business operation includes navigating contractual obligations and relationships. This course may be useful for aspiring General Managers who want to build a foundation in contract drafting and negotiation.

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Project Manager

Project Managers are responsible for ensuring that all contracts related to a project are legally binding, fair, and beneficial to their company. A deep understanding of contract law is essential for Project Managers. This course may be useful for Project Managers who want to enhance their understanding of the key elements of contracts.

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Account Manager

Account Managers are responsible for resolving billing and contract issues or disputes with customers. They understand the law and negotiating techniques that underpin contract creation and enforcement. This course may be useful for experienced Account Managers who want to deepen their understanding of contract drafting and negotiation.

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Business Consultant

Business Consultants often guide their clients in drafting, revising, or understanding contracts. They may also be involved in the negotiation of these contracts. A deep understanding of the law and the nuts and bolts of contract drafting is essential for Business Consultants. This course may be useful for Business Consultants who want to deepen their knowledge of contract law.

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Financial Analyst

Financial Analysts need to understand contract terms as they analyze a company's financial performance and make recommendations for investment. This course may be useful for aspiring Financial Analysts who want to build a foundation in business law.

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Contract Manager

Contract Managers are responsible for ensuring that all contracts with the company are legally binding, fair, and beneficial to their company. They use their knowledge of contract law to ensure that all of the relevant terms are included in the contract, and that it will be enforceable in a court of law. This course may be useful for experienced Contract Managers looking to deepen their knowledge of contract law.

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