Briefly explain the background of the story

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Reference no: EM133613127

Case: Find a contract to which you are a party. Reflect upon the circumstances of this contract. How did it come about? Is it a casual contract or a more formal contract? Is the other party a friend, a business colleague or a stranger? Can you think back to the moment when you had a "meeting of the minds"?

For this part of the assignment, please think about your contract and identify: 1) the offer, 2) acceptance, 3) consideration, and 4) some basic terms of the contract.

Some examples may include:

A residential lease;
A credit card agreement
A grocery store "club" card agreement
An agreement to sell something to a friend for money
An agreement to buy something from a friend for money
A commitment to play sports for a college or community group
Any form of signed agreement relating to a part-time job
A private email account, such as Hotmail or Gmail
I will choose a (A residential lease agreement)

PART 2:

Briefly reflect upon how contracts can be used to reduce the risk of disputes and litigation. Share a couple of your ideas on why contracts are important to reduce the risk of disputes and litigation.

Watch or listen to the news today; browse the newspaper; read some online news articles, magazines, websites, or other periodicals. Look for a story talking about a contract!

What is the nature of the story? Is it a story about a successful contract, or is it about a broken contract or some type of contract law dispute? There are stories about contracts in the news every day. Try to find a recent example of contract conversations in the news.

Briefly explain the background of the story / the situation (who are the parties involved?). Why is this contract in the news? Is there a problem? What are the issues? If you know, explain how the issue was resolved (i.e. what happened in the end). How was the dispute, if any, resolved?). If there is no outcome yet, what do you think will be the outcome and why? What went wrong in this case? Why wasn't the contract effective in avoiding a dispute?

Reference no: EM133613127

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