Business Law I Course Project Contract Issues And Worksheet
Business Law Icourse Projectcontract Issues And Worksheetbelow You Wil
Business Law Icourse Projectcontract Issues And Worksheetbelow You Wil
Business Law I Course Project Contract Issues and Worksheet Below you will find a chart that is missing information. By filling in this chart you are starting to build the foundation to your written contract. Fill in the missing information as complete as possible (for items such as addresses and description of the items, you can create that information).
Party names: Robert Barker (Buyer) and Seller
Date of the contract formation: October 13, 2017
Addresses of the parties: Buyer - 350 Fifth Avenue, New York, NY 10118; Seller - 336 Seventh Avenue, New York, NY 10118
Description of the items being purchased: Unique Toy Collection
Date of delivery of the items: October 17, 2017
Date and expected form of payment: October 17, 2017, cash payment ONLY, mainly smaller bills
Agreed upon price: $710
Other than the items listed above in the chart, what else needs to be present for this to be a valid, written contract? a. Meets all legal requirements. b. Capacity. c. Locations of where the items will be delivered. d. Contract and agreement. e. The contract must be evidenced by signed writing.
Why does this contract need to be in writing? a. This agreement requires the need to be in writing because it consists of the sale of goods valued at above $500. The law on statute of frauds stipulates that contracts regarding the sale of goods above $500 must be in written form and contain the signature of parties to be considered valid. This is a guarantee that contract fraud is not committed by having a written agreement.
Reflecting upon the negotiation at the restaurant, what would you have done differently? Would you have offered the lower price of $700.00? Why or why not? i. I would not have done anything differently reflecting back on the negotiation at the restaurant. The merchandise was ultimately sold at $710 which is more than $700. Furthermore, sales of goods agreements can have a sequence of acceptances and offers. The bottom line is I needed the money. In the end I sold the items more than my goal price of $700.00.
Paper For Above instruction
The complexities of contract law play a crucial role in shaping commercial transactions, especially in the context of sales agreements like the one between Robert Barker and the seller involving a “Unique Toy Collection.” This case highlights essential legal requirements, the significance of writing in enforceability, and strategic negotiation considerations.
Firstly, understanding what constitutes a valid written contract is fundamental. The provided scenario underscores that a valid sales contract must include core elements: the identities of the parties, their addresses, a clear description of the items being sold, the price, date of delivery, and payment method. In this case, the parties are Robert Barker (the buyer) and an anonymous seller, with respective addresses located in New York City, indicating that both parties are within the same jurisdiction, simplifying the legal framework. The specific description of “Unique Toy Collection” adds clarity, while the delivery and payment details specify the timing and manner of the exchange, necessary for compliance with commercial law.
Beyond these basic particulars, the law requires certain additional elements for validity. Primarily, for contracts involving the sale of goods worth over $500, the Statute of Frauds mandates a written agreement signed by both parties. This legal requirement aims to prevent fraud and provide clear evidence of agreement, thus safeguarding rights and obligations. Without such documentation, enforcement may be compromised, especially if disputes arise. Additionally, capacity—meaning the legal ability of parties to contract—is implicit in the scenario, as both individuals are presumed of legal age and sound mind, fulfilling one of the prerequisites for enforceability.
The necessity for a written contract extends beyond legal compliance to facilitate clarity and enforceability. In commercial settings, oral agreements are often subject to misunderstandings and disputes; hence, a signed written document serves as evidence that the terms were mutually agreed upon. Given the transaction's value exceeds $500, this legal requirement becomes even more critical for the buyer and seller to have enforceable rights and obligations. It also helps to specify points such as the exact delivery location, which, although implied here, should be explicitly noted to prevent any ambiguities or disputes regarding the transfer of possession.
Negotiation strategies and reflections on the process reveal insights into business decision-making. In the scenario, the seller considers whether to have offered a lower price of $700. The analysis reflects that the seller chose not to reduce the price further, as the final selling price of $710 exceeded the initial target of $700. From a strategic perspective, this decision underscores the importance of recognizing the value of the item and the negotiation context. The seller’s stance illustrates that, despite opportunities to negotiate lower, maintaining the original price aligned with their expectations and needs, especially considering the flexible sequence of offers and acceptances that characterize commercial negotiations. Furthermore, the seller prioritized quick cash receipt over prolonged bargaining, a common tactic in business transactions where cash flow is critical.
In conclusion, effective contract formation involves more than merely agreeing on a price. It requires complying with legal statutes, ensuring clarity through written documentation, and understanding the strategic elements involved in negotiations. The scenario of Robert Barker and the seller exemplifies how adherence to legal principles—such as the Statute of Frauds—not only protects the parties but also facilitates efficient business dealings. Negotiation tactics, including initial pricing and flexibility, are vital in achieving outcomes that satisfy both seller and buyer. Ultimately, the case underscores that meticulous attention to legal requirements and strategic negotiation practices foster successful commercial transactions in accordance with business law principles.
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