There are several important parts or elements of a business contract. These elements are included to ensure that all contents of the contract are legally binding. The most important parts of the commercial contract also avoid misunderstandings that could arise if they were omitted. The essential parts of a commercial contract do not need to have a specific duration. Simple, handwritten and even verbal agreements can be enforceable. Legally a written legal agreement between two persons or companies that stipulates what each must do for the other or give to the other This section contains the exchange of promises that is the subject of the agreement. It will specifically identify the value to be exchanged between the parties. For example, it identifies the goods or services to be made available to the other party. The total amount or unit exchange rate of the currency exchanged during the transaction is indicated. This section is the prerequisite for all other terms and conditions that support this exchange…