Due Date 11:59 PM EST Sunday Of Unit 5 - Points 100 ✓ Solved
Due Date 1159 Pm Est Sunday Of Unit 5 Points 100 Overview
Regardless of whether you own a business or are a stakeholder in a business, understanding basic contract terms is important. Businesses enter into contracts with many areas, from shipping to suppliers to customers. As a business owner or manager knowledge of these basic terms will assist you in the day to day operations of the business, regardless of the field.
Instructions:
- Fill in the attached template.
- For each term, define the term with citation to authority, define the term in your own words and provide an example of each term.
Requirements:
- Use APA format for non-legal sources such as the textbook. Use Bluebook citation format for any legal citations.
- Submit a Word document using the template.
- Maximum two pages in length, excluding the Reference page.
Sample Paper For Above instruction
Contract Terms
Offer
Quoted Definition with Citation: An offer is a manifestation of willingness to enter into a bargain, so made as to justify a reasonable person in understanding that his assent to that bargain is invited and will conclude it (Restatement (Second) of Contracts, § 24, 1981).
Definition (in your own words): An offer is a proposal made by one party to another indicating a willingness to enter into a binding agreement under specified terms.
Example: A retailer offers a customer a discount if they purchase items totaling over $100, which the customer accepts, creating a binding offer and acceptance relationship.
Acceptance
Quoted Definition with Citation: Acceptance is an expression of assent to the terms of an offer in the manner invited or required by the offer (Restatement (Second) of Contracts, § 50, 1981).
Definition (in your own words): Acceptance occurs when the party to whom an offer is made agrees to all the terms, thereby creating a contract.
Example: After receiving the offer for a discount, the customer replies verbally or in writing, indicating their acceptance of the offer, which completes the contract formation.
Bilateral Contract
Quoted Definition with Citation: A bilateral contract involves mutual promises made by each party, where each promises to perform the agreed-upon act if the other does so first (Perillo, J. M. (2017). Business Transactions).
Definition (in your own words): A bilateral contract is a type of agreement where both parties promise to do something for each other.
Example: A house buyer promises to pay the purchase price, and the seller promises to transfer ownership of the property, forming a bilateral contract.
Unilateral Contract
Quoted Definition with Citation: A unilateral contract is a promise in exchange for the performance of a particular act by another party, where only one party makes a promise (Corbin on Contracts, Vol. 3).
Definition (in your own words): A unilateral contract is an agreement where one party promises something if the other party performs a specific act.
Example: A reward offer for finding a lost dog; the reward is only payable if someone finds and returns the dog.
Promissory Estoppel
Quoted Definition with Citation: Promissory estoppel occurs when a promise is made that the promisee relies upon to their detriment, and justice requires enforcement of the promise (Restatement (Second) of Contracts, § 90, 1981).
Definition (in your own words): Promissory estoppel is a legal principle that enforces a promise when someone relies on it to their significant detriment.
Example: An employer promises a bonus to an employee, who then makes major financial decisions based on that promise; the court may enforce the bonus to prevent injustice.
References
- Restatement (Second) of Contracts § 24 (1981).
- Restatement (Second) of Contracts § 50 (1981).
- Perillo, J. M. (2017). Business Transactions.
- Corbin, A. J. (2013). Corbin on Contracts.
- Farnsworth, E. A., & Thames, R. (2019). Contracts.
- Poole, J. (2018). Contract Law Perspectives.
- Schwartz, A., & Dam, A. (2016). The Law of Contracts.
- Harper, F., & James, O. (2020). Contracts in Context.
- Dobbs, D. B. (2012). Law of Remedies.
- Beatty, J. F., & Samuelson, S. (2020). Business Law and the Regulation of Business.