Business Law Week 3

In: Business and Management

Submitted By joeball3
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Complete the following, placing it in a single Word document:
Having a clear understanding of the courts and where to file specific claims has provided your department with a good basis for where to start when a claim arises. With so many outside venders and human resource issues in today's business world, contractual claims are going to be one of the common claims that arise on a regular basis in many businesses.
The next primer you will prepare for your department's training series will acclimate your colleagues to the world of contracts. Prepare a 2–3-page, double-spaced document explaining the essential elements of a contract and the applicable remedies in the event of a breach. What is required for a valid offer? How can one accept an offer? What is the concept of consideration and what form(s) can consideration take in creating a contract? What factors must be considered in assessing the legal sufficiency of an offer, acceptance, and consideration in determining whether a contract is enforceable? In the event that a contract is formed and subsequently broken, what remedies are available to the non-breaching party under your state's law?
Business plans are met through voluntary agreements amongst others. These voluntary agreements are also known as contracts. A contract focuses on holding a promise that is directed towards the future. Business cannot be successful unless people fulfill their promises. There also needs to be a system of punishment to those who break their promises. Making all contracts more of an obligation to complete, which allows business to continue today.
Forming a contract involves a person, known as the offeror, who offers a promise to another person or party, known as the offeree. A contract could focus on a number of things, but whatever the subject, the main focus is in future performance. The science of management would fail…...

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