Ethical Business Contracts: Law & Protocol
Week 5 Final Paper
Betty Poppins
Bus 311
Instructor Brandy Krectzburg
7/01/13
Business Contracts: Protocol, Laws & Ethicality
There are various kinds of contracts which arise within our business world today; contracts are an essential component to business livelihood. Although a contract is an agreement, not all agreements are valid contractual obligations. In order for any contract to be an official and legally binding agreement, there are essential requirements which must first be fulfilled. Because contracts are vital to the organization and its success, it is important that the organization has an inclusive understanding of the inner workings of business contract and law and sustaining ethicality within these agreements; this will help ensure that each and every business transaction is a smooth and successful endeavor from beginning to end.
What is a contract, and what makes it valid? According to Essentials of Business Law, by Susan Rogers (2012), a contract is described as being “a legally enforceable agreement between two or more people.” Therefore, a contract emerges from the voluntary consent of two or more people with mutual accordance to enter into this agreement. Contracts are helpful to business, as these agreements are binding to both parties involved. In order for a contract to be a valid and binding agreement there are five fundamental yet essential elements that must be present, and these are: 1. The Offer, 2. The Acceptance, 3. Consideration, 4. Legality, last but not least, 5. Capacity, (S. Rogers 2012). In order for any contract to become a legally enforceable agreement (or in other words a valid contract) it must be one which has met all of these legal requirements. A contract contains an offeror and offeree; the offeror is the individual who makes the business suggestion, or rather an ‘offer’ to another individual- that other individual whom accepts this offer in turn becomes the offeree.
Betty Poppins
Bus 311
Instructor Brandy Krectzburg
7/01/13
Business Contracts: Protocol, Laws & Ethicality
There are various kinds of contracts which arise within our business world today; contracts are an essential component to business livelihood. Although a contract is an agreement, not all agreements are valid contractual obligations. In order for any contract to be an official and legally binding agreement, there are essential requirements which must first be fulfilled. Because contracts are vital to the organization and its success, it is important that the organization has an inclusive understanding of the inner workings of business contract and law and sustaining ethicality within these agreements; this will help ensure that each and every business transaction is a smooth and successful endeavor from beginning to end.
What is a contract, and what makes it valid? According to Essentials of Business Law, by Susan Rogers (2012), a contract is described as being “a legally enforceable agreement between two or more people.” Therefore, a contract emerges from the voluntary consent of two or more people with mutual accordance to enter into this agreement. Contracts are helpful to business, as these agreements are binding to both parties involved. In order for a contract to be a valid and binding agreement there are five fundamental yet essential elements that must be present, and these are: 1. The Offer, 2. The Acceptance, 3. Consideration, 4. Legality, last but not least, 5. Capacity, (S. Rogers 2012). In order for any contract to become a legally enforceable agreement (or in other words a valid contract) it must be one which has met all of these legal requirements. A contract contains an offeror and offeree; the offeror is the individual who makes the business suggestion, or rather an ‘offer’ to another individual- that other individual whom accepts this offer in turn becomes the offeree.
References: Baldwin, D. M., & Whiteside, F. B. (1994). The UCC: Taking a closer look at article 2. Paralegal Today, 12(2), 70. Retrieved from Ashford University Library online from: http://search.proquest.com/docview/204950488?accountid=32521 Rogers, S. (2012). Essentials of Business Law. San Diego, CA: Bridgepoint Education, Inc. Research and markets: Business and contract law 2010 study details contractual and legal remedies open to you when problems arise. (2011, Aug 25). Business Wire. Retrieved from Ashford University Library online from: http://search.proquest.com/docview/885193460?accountid=32521 Stahl, D. A. (1997). Business ethics: Implications for managed care contracts. NursingManagement, 28(1), 29-30. Retrieved from http://search.proquest.com/docview/231432483?accountid=32521