Weekly Reflection: Common Contracts Paper
Weekly Reflection: Common Contracts
Kristin Moore, Linda Jessie, Susan Snow, and Sarah Viray
3-6-2015
Law/421
Andrew McAdams
In a typical person’s lifetime they will encounter many situations where they will enter into a contract with someone else. There are many different types of contracts that we may enter into, some knowingly and even some unconsciously. Buying a car with financing is a type of loan, entering into a new work place, and even getting a haircut is a type of contract.
Common Contracts
Contracts to acquire goods, material, equipment or other tangible things
Contracts for the acquisition of services
Memorandum of Understanding, Memorandum of Agreement or Interagency Agreement
Service Agreement
Employment Contracts …show more content…
On a daily basis she assists the company in setting up numerous contracts. With many of the vendors her company has Net 30 terms. This means that the company has entered into a contract with their vendor that they will take ownership of the product, and pay the receipt for this bill in 30 days. The company then turns around and sells the products to retail stores with the terms set up for each individual customer. Some are Net 30, and some are pay on receipt. Pay on receipt means that the company will send out the products and the retail outlet is responsible for paying when the items reach the store.
Both Kristin and Susan have entered into employment contracts with the companies that they are currently with. Susan’s employer has the right to terminate her position if she does not meet expectations or if her position is no longer needed. Kristin’s employer can only terminate her position if she does not meet expectations. Included in Kristin’s contract were an expected employment period and the compensation of relocation costs. However, if Kristin terminated her own employment prior to the employment period, she is responsible for repaying the
Kristin Moore, Linda Jessie, Susan Snow, and Sarah Viray
3-6-2015
Law/421
Andrew McAdams
In a typical person’s lifetime they will encounter many situations where they will enter into a contract with someone else. There are many different types of contracts that we may enter into, some knowingly and even some unconsciously. Buying a car with financing is a type of loan, entering into a new work place, and even getting a haircut is a type of contract.
Common Contracts
Contracts to acquire goods, material, equipment or other tangible things
Contracts for the acquisition of services
Memorandum of Understanding, Memorandum of Agreement or Interagency Agreement
Service Agreement
Employment Contracts …show more content…
On a daily basis she assists the company in setting up numerous contracts. With many of the vendors her company has Net 30 terms. This means that the company has entered into a contract with their vendor that they will take ownership of the product, and pay the receipt for this bill in 30 days. The company then turns around and sells the products to retail stores with the terms set up for each individual customer. Some are Net 30, and some are pay on receipt. Pay on receipt means that the company will send out the products and the retail outlet is responsible for paying when the items reach the store.
Both Kristin and Susan have entered into employment contracts with the companies that they are currently with. Susan’s employer has the right to terminate her position if she does not meet expectations or if her position is no longer needed. Kristin’s employer can only terminate her position if she does not meet expectations. Included in Kristin’s contract were an expected employment period and the compensation of relocation costs. However, if Kristin terminated her own employment prior to the employment period, she is responsible for repaying the