Why Business Law Is Contracts

2328 WordsMay 19, 201510 Pages
There are a broad range of categories and topics when it comes to the laws of business. One of the main topics that we encounter when studying business law is contracts. According to our text, “A contract is a legally enforceable agreement between two or more people.” (Rogers, 2012). As adults contract laws are something we should engage in learning about because it is likely we will enter into one at some point in our adult lives. Business law will also help us identify the several different types of contracts and the steps that both parties must follow before any contract can be legal. There are many different types of contracts an individual can consider. These include expressed, implied, bilateral, unilateral, simple, formal and quasi contracts. According to Rogers, 2012 express contracts are “formed by the express language of the parties—the actual words they use in their agreement—and can be either written or oral.” Express contracts do not have to be in writing and contain the offer, acceptance and consideration elements of a contract. These contracts are normally compared to implied contracts. Rogers, 2012 states that implied contacts are “formed not by the express words of the parties, but rather by their actions.” With these contracts the agreement is implied by actions. There are no expressed words within an implied contract and can be either implied in fact or in law. If the contract results in inequity or harm it will not be implied. If there is

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