BUS 311 Week 5 Final paper
Contract Laws
Oscar De La Hoya
BUS311: Business Law I
Instructor:
May 2, 2013
Contract Laws
When it comes the laws of business there are a broad range of categories and topics. A topic that we would find when studying business law is contracts. “A contract is a legally enforceable agreement between two or more people.” (Rogers, 2012) In the world we live in learning about contract laws is very vital when entering into one. We must be aware that there is more than just on type of contract and there are several steps that both parties must follow before any contract can be legal. There are several types of contracts that individuals can enter. These types are expressed, implied, bilateral, unilateral, simple, formal and quasi contracts. An express contract are “formed by the express language of the parties—the actual words they use in their agreement—and can be either written or oral.” (Rogers, 2012) This type of contract does not have to be in writing. An expressed contract contains the offer, acceptance and consideration elements of a contract. Express contracts are usually compared to implied contracts.
Implied contacts are “formed not by the express words of the parties, but rather by their actions.” (Rogers, 2012) With this type of contract the agreement is implied by actions. There are no expressed words within an implied contract. It can be either implied in fact or in law. If a contract will result in inequity or harm it will not be implied. If there is any doubt or discrepancy exists, then the court might not conclude a contractual relationship. If an implication arises that they have jointly assented to a new contract that contains the same requirements as the old agreement.
Another type of contract is a bilateral contract. A bilateral contract is a” reciprocal arrangement between two parties under which both parties promise to perform an act in exchange for the other party 's act” (BusinessDictionary.com). When entering
Oscar De La Hoya
BUS311: Business Law I
Instructor:
May 2, 2013
Contract Laws
When it comes the laws of business there are a broad range of categories and topics. A topic that we would find when studying business law is contracts. “A contract is a legally enforceable agreement between two or more people.” (Rogers, 2012) In the world we live in learning about contract laws is very vital when entering into one. We must be aware that there is more than just on type of contract and there are several steps that both parties must follow before any contract can be legal. There are several types of contracts that individuals can enter. These types are expressed, implied, bilateral, unilateral, simple, formal and quasi contracts. An express contract are “formed by the express language of the parties—the actual words they use in their agreement—and can be either written or oral.” (Rogers, 2012) This type of contract does not have to be in writing. An expressed contract contains the offer, acceptance and consideration elements of a contract. Express contracts are usually compared to implied contracts.
Implied contacts are “formed not by the express words of the parties, but rather by their actions.” (Rogers, 2012) With this type of contract the agreement is implied by actions. There are no expressed words within an implied contract. It can be either implied in fact or in law. If a contract will result in inequity or harm it will not be implied. If there is any doubt or discrepancy exists, then the court might not conclude a contractual relationship. If an implication arises that they have jointly assented to a new contract that contains the same requirements as the old agreement.
Another type of contract is a bilateral contract. A bilateral contract is a” reciprocal arrangement between two parties under which both parties promise to perform an act in exchange for the other party 's act” (BusinessDictionary.com). When entering
References: Lewinsohn, J. L. (1914). Contract Distinguished From Quasi Contract. California Law Review, 2(3), 171. Rogers, S. (2012). Essentials of Business Law. San Diego, CA: Bridgepoint Education, Inc. Smith, C. A. (2012). Contracts. http://www.west.net/~smith/contracts.htm Information regarding elements of a contract and remedies for breach. Undefined. (n.d.). Bilateral Contract. In BusinessDictionary.com. Retrieved May 2, 2014, from http://www.businessdictionary.com/definition/bilateral-contract.html. Undefined. (n.d.). Know the types of Formal Contract. In Laws.com. Retrieved May 2, 2014, from http://contract-law.laws.com/types-of-contracts/types-of-formal-contract.