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University of Phoenix Material: Elements of a Contract Scenario Read the Elements of a Contract Scenario.

Contracts are an important part of everyday life. They are an essential part of business. As a student of a business law class, I will discuss in this paper several aspects of contracts. This paper will give a definition of a contract and the essential elements necessary to form a valid contract. It will briefly discuss breach of contract and the difference between a material breach and a nonmaterial breach of contract. Examples of legal and equitable remedies available for breach of contracts will be highlighted. Also, legal excuses for nonperformance or other grounds for discharge of contracts will be addressed. Finally, three types of common contracts personally and professionally encountered will be mentioned.

Objective to build legal relationship: Not all agreements end up in binding contracts that are backed by the court of law. This is due to the fact that not all agreements are made under strict or formal

Contract.(n.d.).Legal Information Institue. In Cornell University Law Schoo.l Retrieved on November 10, 2013 from http://www.law.corne

The owner is trying to advance his sole proprietor business by making a contract with other businesses. The outside businesses had inquired if Acme Fireworks could sign an agreement with them on creating several fireworks displays regularly. The agreement between the two parties does not necessarily mean that they have sealed a contract. However, Acme Fireworks agreed with the other retailers that they are in a position to fulfill their request. Moreover, the parties agreed on a price per display. Therefore, it entails an implied contract with the retailers. To ensure the activities move smoothly, it would be ideal that a simple contract is drawn for each of the businesses and signed by the relevant people. According to Rogers (2012), a contract is a legally enforceable agreement.

Working with contracts requires having an excellent comprehension of the two main bodies of law: Uniform Commercial Code (UCC) and the common law of contracts, which oversees the policies and purposes of contracts. Understanding the differences between the Uniform Commercial Code (UCC) and the common law, will result in a huge difference in the outcome of a contract dispute. These disputes include "collecting punitive damages, discharge or modify a contract, being able to sue under a breach of contract, and whether there was actually a legally recognized contract at all." (Denton, 2015, par. 1).

A contract is an agreement between two or more parties that the law recognises and will enforce in necessary. Contracts are essential to commerce and business and are also a fundamental part of our daily lives.Businessess inter into contract individuals, other businesses and governments to by and sell goods, services and intellectual property. Contracts can be written, verbal, express or implied. now many of the contract we enter into are verbal, because of this, many people are often unaware they are entering into legally biding contracts. many of the common law principles upon which contract law is based were developed in the 19th centuty, one of the principles that People intering a contract should have the right to include in it whatever they wish to negotiate the best possible bargain, complete freedom to contract. However, as modern life become more complex, it has become evident that not everyone has full and free options when entering into a contract, practical exemple of this include our dependence on services such as plumpedwater supplies, electricity

Contract laws affect an agreement between two or more participants. Such an agreement creates in each participant a responsibility to do or not do something and a right to the performance of the other 's responsibility or a remedy for the breach of the other 's responsibility (Oman, 2007). An ambiguous contract can cause a misinterpretation of ideas, needs, and wants. When joining in a contract, all parties involved need to ensure that they state their responsibilities and requirements clearly. Riordan must continue to manage its supplier and vendor contracts effectively or risk losing those suppliers and suffer irretrievable losses as a result. The effort to successfully manage contractual agreements must be a cooperative process between Riordan and its suppliers and vendors and must not leave too much room for interpretation on either side. To avoid this, the interests of both sides must be clearly specified in the terms of the contract. This way Riordan and its suppliers and vendors can avoid risks, minimize the liabilities, and benefit from the opportunities in their business relationship. Riordan must therefore address the changes the company and its suppliers and

Contracts are one of the most important areas when it comes to operating a successful business. Contracts provide security for a business and the work that is to be performed. Both verbal and written contracts are binding. Written contracts contain more validity than a verbal contract, however, a verbal contract is just as binding. Contracts are important and should always be written and signed by all parties that are involved in work that is to be performed. Contracts are a great way to protect a business or workers from any future issues that could possibly arise. Good faith and fair dealing are something that go hand in hand with contracts. Good faith is a general assumption that the parties in the contract will deal with one another honestly and fairly. Good faith and fair dealing are implied in all contracts in order to guarantee the promises made within the contract will be met in good

Due to the different roots of the two systems, the definition of a contract, as well as its formation, differ between contract law in Common Law Jurisdictions and in Civil Law Jurisdictions (France). The Common Law views contracts as bargains, exchange, a simple agreement has no binding force. It is mainly concerned with forecasting the impact and the binding legal consequences of a party’s promise. The structure or purpose of the contract is not as important as knowing whether the promise of performance that the contract is based upon is enforceable.

In terms of business, contracts are really important, they are an agreement between two or more parties to provide a product, perform a service, or commit an act. There are many different types of contract which have different terms and conditions. These terms and conditions are always enforced by law and breaking them can result in actions such as financial penalties. Some examples of different business contracts are; partnership agreement, bill of sale, independent contractor agreement, and property and equipment lease. In this short essay, we will take a look at an article addressing a type of contract, then give a quick summary of the article, and finally offer up recommendations relevant to the article.

In this paper the author is going to explain the valid legal elements of contracts. She is going to define the objective theory

Contracts can be defined through promises between parties that are enforceable through law. We know that both parties agreed verbally, an oral agreement was made to hold the car for one day with a hundred-dollar deposit and Stan agreed to the terms that the deposit was refundable. Contracts can be in in two form which are written or oral. Based on the elements of contracts, many fundamentals factors are considered mandatory to form a contract that is binding on parties and are primarily outlined through the following:

Contracts are used in many different forms and for just as many different situations within our everyday lives. Some contracts are more involved than others and for some; contracts are an essential of their success. As we continue, we will take a look at different types of contracts with the main focus on enforceable contracts. With so many elements that are incorporated into any contract, the six essential elements of enforceable contracts will be the main focus of this writing. Having a clearer understanding of the essentials of life will help prepare us for life’s curves that may come our way.

Contractual agreement has always been viewed in terms of offer and acceptance. The universal principle to contract law has always been parties may get into an agreement in whichever way they deem fit and they are subject to certain terms as they choose. As far as legal requirements vital to their formation are binding contracts may be formed. Moreover a binding agreement may be manifested in terms of writing or in verbal form.