Promises made and the follow through on those promises make the business world work. In its most basic terms, these are the elements of a contract. One party promises something in exchange for something else. When one side fails to keep its promise, then a breach of contract may be at hand, leaving one of the parties financially harmed. These contracts can be seen in just about every aspect of the business world, but one of the more common, and most negotiated, is the employment contract.
If you've given any thought to estate planning, then your first thought may be with regard to how best to ensure that your immediate loved ones such as your spouse and your children can be financially protected upon your passing. For most individuals, this means drafting a simple will to ensure that assets can be passed down without having to go through the long, drawn-out, and sometimes costly probate process.