What lessons do you learn about having written contracts? About on-the-fly deals and new agreements and their performance?

1. Importance of Written Contracts: Written contracts are crucial in any form of business agreement. They provide a clear and legal framework that outlines the responsibilities, rights, and duties of each party involved. They also serve as a reference point in case of any disputes or misunderstandings.

2. On-the-fly Deals: While on-the-fly deals can be convenient and time-saving, they can also be risky. Without a written agreement, it can be difficult to enforce the terms of the deal or resolve disputes. It's also easier for misunderstandings to occur, as the terms may not be clearly defined or remembered by all parties involved.

3. New Agreements: When entering into a new agreement, it's important to ensure that all terms are clearly defined and agreed upon by all parties. This can help to prevent disputes and ensure that all parties are on the same page. It's also important to consider the potential implications and risks of the agreement, and to seek legal advice if necessary.

4. Performance: The performance of a contract refers to the fulfillment of the duties and obligations outlined in the agreement. It's important to monitor the performance of a contract to ensure that all parties are meeting their obligations. If a party fails to perform their duties, it may be necessary to take legal action to enforce the contract.

In conclusion, while on-the-fly deals and new agreements can be convenient, it's important to ensure that all terms are clearly defined and agreed upon, and that all parties are meeting their obligations. Written contracts are a crucial tool for ensuring this.