SECTION B Knowledge Activity | QUESTION B5 Name the key components of contract law that you may need to know. Answer in approximately 30 words. Some people mention five important components in a contract law: All partners contact information (phone numbers, address, emails) O - Have an LLC in place (to make sure that you are protected) - Outline the benefit split between the parties - Liability split (outline in details who is responsible for what portion of the liability) Exit strategy (it is a protection to have in case of disaster, break of relationship or any other situation that you are not M expecting for) - We can also find other important key components with more details in next page. KEY COMPONENTS OF A CONTRACT LAW 1.Terms and obligations of contract 2. Type of agreement 3. Exclusion clauses - a way to exclude the relevant party from liability for a particular action/part; if liability is questioned in law/court the party with an exclusion clause may still need to prove they are not liable. 4. Dispute resolution clause - where the parties agree about how resolute some dispute that may arise. 5. Termination of contracts - a way to define when the contract AndRAINING GROUP @ 2022 All Rights Reserved preventing for any unexpected situation