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...Lecture notes on business law and ethics mba i semester iare r dr b v l narasimha rao associate professor master of administration institute aeronautical engineering autonomous dundigal hyderabad unit contract definition the term is understood explained in different ways by people for some an activity it a method transacting others money making argue that organized to achieve certain pre determined goals or objectives dictionary meaning act buying selling goods services commerce trade based all these meanings we may define as gainful through which various elements society conduct exchanges desirable things nature be efforts enterprise supply consumers with profit businesses vary size measured number employees sales volume but share same purpose earn profits goes beyond earning there are important institution creation job opportunities offer better quality life contributing economic growth country hence role crucial cannot do without needs no emphasis much primary goal any should grow d...