Serena Sandoval_ Week 7_Business Contract

Serena Sandoval_ Week 7_Business Contract - if it is with a...

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Business Contract: A business contract is a legal enforceable agreement between two parties. It is set up uniformity with the standards, guidelines, and for the parties to know what is and will be expected. Elements: This is can be a legal activity, or have a mutual agreement. There must be an offer and/ or an acceptance, the party or parties must be of “sane” mind “competent, and finally, there must be consideration. Consideration can be money, for an example. It will be needed for exchange. Adjudicated: Is to find out if the person or persons that are involve in your contract is “Insane” legally by law. Due Diligence: Make sure you do your research to make sure the people or people that you are considering to form a contract are not insane or a minor, for an example. Contracts: A form of contract can be oral or written. The contract will last longer and can be used in the court of law if the contract is written. An Executed Contract is all parties have completed their obligations. An Executory Contract is certain parts have yet to be completed. A Void Contract is
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Unformatted text preview: if it is with a minor, a person that is not competent, or something illegal was committed in the contract. A Voidable Contract is if it was with a minor or if it was adjudicated. Offers: The offer or offers must be definite and certain, communicated, and enforceable the obligation. Acceptance: Acceptance is again, communicated, and a method of communication. Communication can be by mail, registered mail, email, telephone, FAX, text, etc. Silence can be an acceptance. Serena Sandoval BUSN 115 DeVry of Anaheim Effective: Effective can be by a due date or the mail box rule. The mail box rule is the post mark of when it was sent. Counter Offer: This can be a change of terms or termination of offer: there was a lapse of time (prudent person), revocation (other party withdrew), or rejection. Defective Agreement: This can happen when there was a fraud in the contract, a fraudulent activity, a mistake, under duress (feel obligated), or the person was not in a proper state. 2...
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