Bus311 Business Law I
Running head: CONTRACTS
Contracts, What Are They? How Do They Work
Student Name
BUS311 Business Law I
Instructor: name
Date
Abstract In this paper, I will reflect on the operation of contracts. Business law shows how contracts may be classified in several ways depending on the manner in which they are created, expressed, or performed. I have learned a lot from this course and I will use that to help write this paper. In the following paper I will discuss the oral or written contracts; I will discuss express or implied contracts, and will discuss formal or simple contracts. I will also discuss the impact of the contracts in a business and show the true propose of contracts. I will show what is needed in a contract to be legally enforceable. I will discuss how a contract must contain the following six elements: an offer and acceptances, a mutual agreement, a consideration, a competent parties, and legality of purpose, and proper form. All of this will be discussed in depth in the following paper.
Contracts within Business Even though the operation of contracts, business law show how contracts may be classified in several ways depending on the manner in which they are created, expressed, or performed. These includes: either oral or written; it may be express or implied; and it may be formal or simple. A contract is a legally enforceable agreement that is created when two or more people agree to perform or to avoid performing certain acts that they have a legal right to do and that meet certain legal requirements (Liuzzo, 2013). An example of a contract exists between an assistant and the manger. That contact can be extended once the assistant becomes a partner and so forth. Contracts can be extended or changed as needed to reflect the contractual relationship. To be a legally enforceable contract, it must contain the following six elements: an offer and
Contracts, What Are They? How Do They Work
Student Name
BUS311 Business Law I
Instructor: name
Date
Abstract In this paper, I will reflect on the operation of contracts. Business law shows how contracts may be classified in several ways depending on the manner in which they are created, expressed, or performed. I have learned a lot from this course and I will use that to help write this paper. In the following paper I will discuss the oral or written contracts; I will discuss express or implied contracts, and will discuss formal or simple contracts. I will also discuss the impact of the contracts in a business and show the true propose of contracts. I will show what is needed in a contract to be legally enforceable. I will discuss how a contract must contain the following six elements: an offer and acceptances, a mutual agreement, a consideration, a competent parties, and legality of purpose, and proper form. All of this will be discussed in depth in the following paper.
Contracts within Business Even though the operation of contracts, business law show how contracts may be classified in several ways depending on the manner in which they are created, expressed, or performed. These includes: either oral or written; it may be express or implied; and it may be formal or simple. A contract is a legally enforceable agreement that is created when two or more people agree to perform or to avoid performing certain acts that they have a legal right to do and that meet certain legal requirements (Liuzzo, 2013). An example of a contract exists between an assistant and the manger. That contact can be extended once the assistant becomes a partner and so forth. Contracts can be extended or changed as needed to reflect the contractual relationship. To be a legally enforceable contract, it must contain the following six elements: an offer and
References: Barnett, R. E. (2003). Contracts: Cases and Doctrine. New York: Aspen. Bays, A. W. (1920). American Commercial Law Series. Chicago: Callaghan and Company. Retrieved from American Commercial Law Series. Booker, R. (2003). Conjecture Corporation . Retrieved from What are the Different Types of Contracts?: http://www.wisegeek.com/what-are-the-different-types-of-contracts.htm Larson, A. (2010, December). Contract Law - An Introduction. Retrieved from Expert Law: http://www.expertlaw.com/library/business/contract_law.html Liuzzo, A. L. (2013). Essentials of Business Law. New York : McGraw - Hill Higher Education . Rao, S. R. (2008, October 4). Competent to Contract. Retrieved from Citeman.com: http://www.citeman.com/4128-competent-to-contract.html Smith, S. (2012). What is an Executory Contract. Retrieved from Wise Geek: http://www.wisegeek.com/what-is-an-executory-contract.htm