Reference no: EM131221526

Suppose your 18-year-old brother is a bit confused about what to do after graduating from high school. He has come to stay with you for a while, and in his boredom has recently opened up a lemonade stand in front of your house as he was a very successful lemonade stand operator when he was a child. You are skeptical, as this seems like something a child, rather than a young adult, should run. However, he has actually been making some significant money with his small business.

One of the reasons for his success is that he purchases very fresh lemons from his friend Peter down the street, who has three lemon trees in his back yard. Your brother is good friends with Peter, but sometimes they fight. So you want to make sure your brother has a steady supply of lemons, in case he gets in another fight with Peter.

For this assignment, carefully review the background readings and the Pearson tutorial on the main elements of a contract. Then, write a short 1- to 2-page contract, specifying an agreement between your brother and Peter regarding the purchase of lemons. Make sure to include the main elements of a simple contract specified in the background readings. In addition to the short contract, include a few paragraphs at the end, explaining which background readings you consulted for your contract and how you used these readings to decide on what to include in your contract.