Legal and Ethical environments in Business Unit 3 Individual Project

Legal and Ethical environments in Business Unit 3 Individual Project

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Legal and Ethical Environments in Business Unit 3 Individual Project 1 Legal and Ethical Environments in Business Unit 3 Individual Project Warren Synecky BUSN150-1003A-03 June 24th, 2010
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Legal and Ethical Environments in Business Unit 3 Individual Project 2 Abstract In this paper, I will be covering the legal aspects of a valid contract, and the different interpretations people may have on the law. I will be discussing the John D.R. Leonard vs. PepsiCo case and how the court ruling on that case supports the objective theory of contracts.
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Legal and Ethical Environments in Business Unit 3 Individual Project 3 The four elements of a valid contract are; parties, consent, object, and consideration. For a contract to be legal, first thing you need is people of sound mind to identify in the contract. Second you need consent which must be free, mutual, and communicated to all parties involved. Steinberger (2007) stated “Consent is not free when obtained through duress, menace, fraud, undue influence or mistake.” The third element of a valid contract is the object or subject. The object must be lawful, possible, and definite according to Steinberger (2007). For example a contract cannot be held valid, if it contains performing an illegal act. The final element is consideration, meaning each party must gain something for the contract to be valid. According to USlegal.com the objective theory of contracts is a series of acts giving the
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Legal and Ethical environments in Business Unit 3 Individual Project

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