As Jan is unfamiliar with Australian contract law, she requires advice on how to identify and manage the commercial and legal risk associated with entering business agreements. You need to provide advice that explains how contract terms and remedies apply to operating a business. Jan will use your advice as the basis for developing contracts related to her commercial and activities.

In Part B.1 of your report you must:

1. Identify one legal reason and one commercial reason why Jan needs to understand the terms of contracts Reverse Swing Sporting Goods Pty Ltd enters.

2. Describe the key legal differences between the express and implied terms of a contract. In your answer identify two commercial risks for the parties to a contract that exist when a term is implied in a contract.

3. Identify two forms of dispute resolution for resolving a contract dispute and describe the benefits of each form of dispute resolution for a business that is a party to the dispute.

500 words