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Contract Law - Impact on Business and Individuals

Here are the requirements for our next unit on Contract Law.Contracts is an example of a private law area, since the agreement only affects two members of society.Contract Law significantly impacts both businesses and individuals on a daily basis., A business manager deals with many contracts daily.The ability to properly negotiate, draft, and execute contracts is an essential skill of the legally astute business manager.

Contract management is another essential management tool in guaranteeing proper contract performance through meeting contract deadlines, controlling costs, and maximizing firm revenues.Likewise, contracts constantly affect us as individual consumers.

The chapter readings and videos in this unit define the elements necessary for a valid contract--offer, acceptance, legal subject matter, legal capacity of the contracting parties, and consideration.If one or more of these essential elements is missing, there is no contract (ironically referred to as a void contract), and the contract analysis can stop at this point because there is no contract to perform, breach, nor enforce.

If the requirements of a valid contract are met, the next level of contract inquiry should be determining whether the contract is enforceable.Will a court enforce this valid contract or is there some defect in its formation that provides a defense against enforcing it?

Defenses to enforcing an otherwise valid contract such as the Statute of Frauds, Misrepresentation, Fraud, Undue Influence, Duress, Mistakes, and Unconscionability are examined.

If any of these defenses apply, a court will not enforce the contract and there is nothing else to do.If, on the other hand, none of these defenses apply, and the valid contract is enforceable, then the next level of contract inquiry involves whether the contract has been properly performed or whether it has been breached.

Breach is the failure to properly perform a contract.If breach has occurred, the remedies available to the non breaching party must be examined.A solid knowledge of Contract Law is essential for the legally astute business manager.

I have posted an introductory video to this Contract Law Unit.After you review this video, please complete the following instructions.
Contract Law Unit Instructions:

1.Please read Chapter 2 in our textbook on Contract Law.

2.lease watch the following forty-three (43) videos (don't panic--most videos are very short!!!l) in the following order:
a. https://www.youtube.com/watch?v=ddmXM-96-no. Click or tap if you trust this link." style="margin: 0px; padding: 0px; border: 0px; font: inherit; vertical-align: baseline;">Examining Documents
b. https://www.youtube.com/watch?v=slfN6eJLl8k. Click or tap if you trust this link." style="margin: 0px; padding: 0px; border: 0px; font: inherit; vertical-align: baseline;">What is a Contract?
c. https://www.youtube.com/watch?v=HrZDpDvxqJo. Click or tap if you trust this link." style="margin: 0px; padding: 0px; border: 0px; font: inherit; vertical-align: baseline;">What is a Contract? (again)
d. https://www.youtube.com/watch?v=VmjWrnE86Tc&list=PL_ujbi8mDAlQmKDyWeq_ASSJqlDd9I3ry. Click or tap if you trust this link." style="margin: 0px; padding: 0px; border: 0px; font: inherit; vertical-align: baseline;">Contract Law (This is a playlist of 39 videos)
e. https://www.youtube.com/watch?v=2Mqn_RxRj84. Click or tap if you trust this link." style="margin: 0px; padding: 0px; border: 0px; font: inherit; vertical-align: baseline;">Contract Basics

3.Once you have read Chapter 2 and watched all forty-three (43) videos, this material will be evaluated by each student completing the Contract Law Essay Quiz attached to this email and posted on Blackboard.

Answer all three (3) Quiz essay questions and email your responses to me, no later than midnight on Tuesday, June 2, 2020.The Contract Law Essay Quiz is worth 9% of your course grade, so be sure to take your time, be thorough, and answer the questions completely using full sentences, proper grammar, and appropriate spelling and punctuation.Carefully proofread your responses before you submit them.

4.After completing the Contract Law Essay Quiz, please complete the Employment Contract Project attached to this email and posted on Blackboard.Please submit the Employment Contract Project to me via email.also no later than midnight on Tuesday, June 2, 2020.

This project is worth 11% of your final course grade or eleven (11) points.Since most of us will encounter an Employment Contract sometime in our careers, either as an employer or as an employee, familiarizing ourselves with the unique terms, conditions, and clauses in an Employment Contract should be personally beneficial and useful to you as you enter the workforce.

Hence, this project is designed to give you first-hand experience in drafting an employment contract from both the employer's perspective, and then from the employee's perspective.As you complete this project the contrasting interests of each of the parties to the employment contract should become obvious.

As you draft the contract for the employer, your approach may be drastically different from the approach you will take when drafting the contract for the employee.These differences often form the basis of contract negotiations when hiring employees.Hopefully, completing this practical project will provide insight into some real world considerations you may face when you enter the workplace.

Contract Law - Impact on Business and Individuals

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