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December 9, 2022

Elements of a Contract

DQ1 Elements of a Contract

What requirements are necessary for the creation of a contract? Define each element.

What types of contract require a writing to be enforceable under the Statute of Frauds?

DQ2 Elements of a Contract

What requirements are necessary for the creation of a contract? Define each element.

What types of contract require a writing to be enforceable under the Statute of Frauds?

DQ3 Oral Contracts

Does an oral contract have to be in writing to be enforced? Think: Statute of Frauds.

What is the penalty for failure to satisfy the SOF?

DQ4 Contract Law

Two types of law govern contracts: The Common Law of Contracts & Article 2 of the Uniform Commercial Code. What do they each cover? Which one follows the Mirror Image Rule? What is the MIR?

DQ5 Enforceable Contract

What are the elements of an enforceable contract?

DQ6 Small Business

Why is the LLC the best form for a small business to use?

DQ7 Limited Liability

What is Limited Liability? What is Double Taxation?

DQ8 Elements of a Contract

What requirements are necessary for the creation of a contract? Define each element.

What types of contract require a writing to be enforceable under the Statute of Frauds?

DQ9 C-Corps — S-Corps

What are C-Corps and S-Corps? Compare and Contrast.

Types of Entities

Class, consider the following business entities:

Sole proprietorship

Partnership

LLC

Corporation

What are some of the important advantages and disadvantages of each type?

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