Business Law Case1

Module 1   Case   Assignment

TUI   UNIVERSITY
Business   Law

Module 1   Case   Assignment
Contracts   have   existed   for   hundreds   of   years; in   a   sense   our   countries   very   own   Declaration   of   Independence   is   a   contract,   as   it   was   drawn   up   by   several   lawyers.   It’s   our   countries   promise   to   the   American   people,   and   its   expectations   for   those   who   abide   by   it   and   for   those   who   don’t(unknown, n.d. ret. October 13, 2011). Our   country   was   formed   by   contracts, with   the   royalty contracting   people   to   explore   the   “new   world”   and   compensating   them   according   to   contractual obligations("Christopher Columbus," n.d).  

Elements   of   a   contract   clearly   states   the   parties   in   which   the   contract   pertains   to, along   with   terms   and   conditions.   Contracts   allow   both   parties “protection”   by   explaining   and   clarifying   requirements   and   expectations   from   all   parties   involved   in   the   contract.("Lectric Law Library’s Lexicon," n.d.)   There   are   a   few different   forms   of   contracts; contracts   can   be   expressed   orally or   in writing.   An   implied   contract   is   one   in which   some of   the   terms   are   not   expressed   in   words.   A   contract   which   is   implied   in   fact   is   one   in which   the   circumstances   imply   that   parties   have   reached   an   agreement   even   though   they   have   not   done   so expressly. For   example, an   unspoken or   implied contract, also   known   as   a   quasi – contract;   By   going   to   a   doctor   for   a checkup,   the   client   agrees   that   he or   she   will   pay   a   fair   price   for   the   services   rendered.   If   one   refuses   to   pay   after services   rendered, the   client   has   breached   a   implied contract   and   the   doctor   has   right   to   sue   for   damages. ("Contract," n.d)

While   I   personally   believe   verbal   contracts   also   known   as   parol   contracts   is   a   very   much   a   no – no,   as   they   aren’t   easily   upheld   or   proved .   The   required... [continues]

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