Describe the classification of contracts

Assignment Help Business Law and Ethics

Reference no: EM133199630

Part 1- Us and Saudi Arabia contracts differences ......
• Explain what a contract is.
• List the sources of contract law.
• Describe the classification of contracts.
• List the elements of a valid offer
• Describe the elements of an acceptance.

Action Items
1. Research the differences in contracts, specifically how they are classified, interpreted, offered and accepted, between United States and Saudi Arabia.
2. Post your response on the discussion thread, U.S. and Saudi Arabia Contracts Differences.
3. Read your classmates' postings.
4. Respond to at least one of your classmates' postings.

Part 2- Us and Saudi Arabia contracts...........
• Explain the concept of consideration.
• Describe the rules regarding consideration.
• Explain how the UCC rules regarding consideration are different from the common law rules regarding consideration.
• Explain the legal effect of a lack of capacity on a person's ability to enter into a contract.
• Describe the circumstances under which a party would have limited capacity to enter into a contract.
• Explain the legal effect of entering into a contract for an illegal purpose.

Action Items
1. Research the differences between United States and Saudi Arabian contracts with regard to consideration, capacity and illegal purposes.
2. Post your response on the discussion thread, U.S. and Saudi Arabia Contracts.
3. Read your classmates' postings.
4. Respond to at least one of your classmates' postings.

Reference no: EM133199630

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