Reference no: EM133195572

Contract Terms - Knowing what you signed

Learning Objective 1: Learning how to review a contract
Learning Objective 2: Identify what are some important terms in a contract
Learning Objective 3: Understanding your legal obligation when you agree to the contract

A contract is simply an agreement that can be enforceable in court. People enter into contracts on a daily basis and may not know it. For example, you go into a restaurant, order and eat the food, and you don't pay, what happens? You try to get on a train, bus or subway and you don't pay, what happens? How about when you are parking your car or buying groceries and you don't pay, what happens? These are just a few examples of you contractual relationships that you enter on a daily basis. There is a consequence if you don't pay for goods and services. You may be arrested, charged and/or fined for failure to pay.

Remember, the key is whether the agreement can be enforceable in court.

Do you read every word in a contract before you sign it? If you do read it, do you understand are there terms and conditions in the agreement? Do you know what your obligations under the agreement? Do you know the consequences if you fail to comply to the terms of the contract?

Do you have an account with Google, Facebook, YouTube, or any number of social media platforms? Have you ever wondered what you are agreeing to when you clicked the "Accept" button? How many of these agreements have you read in its entirety?

Discussion Assignment

Go to one of your social media accounts (e.g., Google, Facebook, YouTube, Instagram, etc.). Pull out the "Terms of Service Agreement".

Identify five (5) things that you didn't know were in the contract.

Explain what you think each term means and why it is important to you and/or the company.

Provide a direct web-link to the place in the contract that you are referencing or citing in your comments.

Do you still believe there is such a thing as a "free lunch"? Payment (i.e., Consideration) isn't always about "dollars and cents". Is there something that is more valuable than money?

Discussion 2B - Privacy, Knowing Your Right

Learning Objective 1: Recognizing how your personal information is a commodity in the Information Age
Learning Objective 2: Knowing the issues around personal privacy
Learning Objective 3: Understanding the importance of keeping your personal information private and the consequences if you don't

Technology and the social media platforms have made your personal information more readily available on the Internet. While they have opened new business opportunities for entrepreneurs and startup companies, they have also allowed corporations, government agencies and private individuals to track your every movement, including who you talk to, who you socialize with, what you read, what you research and topics you are interested in, your buying habits, to name a few.

Many of the protected civil rights of yesteryears have been overtaken by technology. What was previously illegal for government to do (e.g., tracking you, your movements, and your social networks), private companies are now doing for a profit.

Facebook, Google, Twitter, FamilyTreeNow.com, and Apple are some of the companies that probably know more about you than you may know about yourself. All this information is gathered from your activities on the world-wide-web. Remember, what you post on the web will stay there forever. It may be fun to post something now, but will you regret it later in your life. Government agencies, potential employers and family members will visit your social media sites to check up on you. What you post may affect your employment, health insurance coverage and a host of other things. The choices that you make today will have lasting consequences in the future. Your personal data is a commodity to be collected and sold by social media and other tech companies. There is no real delete or reset button to do over on the web. When you delete something on the web, the information goes into multiple archives somewhere.

Discuss the importance of keeping your personal information private; whether there should be rules and regulations to regulate the acquisition and sale of personal information by companies to government agencies, companies and individuals.