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December 17, 2022

Explain how contracts can be used to reduce risk of disputes and litigation.

Business Law

Assignment (2): Formation of Contracts

PART (1): 7.5 Points Find a contract to which you are a party.

Identify: 1) the offer, 2) acceptance, 3) consideration, and 4) some basic terms of the contract.

Some examples may include:

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 movie rental store agreement

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

PART (2): 7.5 points

1. Explain how contracts can be used to reduce risk of disputes and litigation.

2. Browse newspapers, online news articles, magazines or websites and other periodicals for an article talking about case about a broken contract or some type of contract law dispute. Briefly explain the background of the case / the situation (who are the parties involved?), the issues of the case and provide the outcome (i.e. what happened in the end? how was the dispute 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?

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