An invention as old as human civilisation itself - commerce, whilst it is shaped by geography, politics, climate, preference, taste, language and much more, it has in turn made the world smaller and more accessible than ever before.
“We think of globalisation as a uniquely modern phenomenon; yet 2,000 years ago too, it was a fact of life, one that presented opportunities, created problems and prompted technological advance.”
— Peter Frankopan
Presently, the world understands commerce to consist of 7 primary business models:
- Business-to-consumer (B2C)
- Business-to-business (B2B)
- Business-to-administration (B2A) or
- Consumer-to-administration (C2A)
- Consumer-to-consumer (C2C)
- Consumer-to-business (C2B)
- Direct-to-consumer (DTC)
Commercial contracts legally binds the various parties either to carry out an obligation or refrain from engaging in the specified activity. Businesses and organisations use contracts to ensure that legal arrangements and the benefits that entail are realised.