Contracts - Contracts By Narinder Schoeling Contracts...

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Contracts By Narinder Schoeling Contracts Narinder Schoeling Ashford University – Online Campus BUS 311 Business Law I Professor Tammi A. Clearfield, J.D., M.S. June 5, 2009
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Contracts By Narinder Schoeling 2 Abstract In this paper, I will reflect on 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. to guide the work within the company. 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 I 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 well 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.
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Contracts By Narinder Schoeling 3 Contracts 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. I will use what I have learned in this course to show the true propose of contracts. I well 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. I will also discuss the impact of contracts in everyday operation of a business. This will be done through analyzing identifying all the legal issue and elements of a contract. The nature of a contract 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, 2007). All contracts are agreements between two parties. The purpose of a contract is that a contract may be created for any number of reasons: to make the sale of merchandise or service, to employment, or to the transfer of ownership of land or personal property such as a sailboat. Contracts may be extended and revised as needed to reflect the wishes of the parties (Liuzzo, 2007). An example of a contract exists between an assistant and the manger. That contract 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.
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Contracts By Narinder Schoeling 4 The Six Elements of an Enforceable Contract To be a legally enforceable contract, it must contain the following six elements: an offer
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This note was uploaded on 09/15/2011 for the course BUSINESS BUS 311 taught by Professor Tammia.clearfield,j.d.,m.s. during the Fall '10 term at Ashford University.

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Contracts - Contracts By Narinder Schoeling Contracts...

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