Due Date 1159 Pm Est Sunday Of Unit 5 Points 100 Overview ✓ Solved
Due Date: 11:59 p.m. EST, Sunday of Unit 5 Points: 100 Overview: Regardless of whether you own a business or are a stakeholder in a business, understanding basic contract terms is important. Businesses enter into contracts with many areas, from shipping to suppliers to customers. As a business owner or manager knowledge of these basic terms will assist you in the day to day operations of the business, regardless of the field. Instructions: • Fill in the attached template. • For each term, define the term with citation to authority, define the term in your own words and provide an example of each term.
Requirements: • Use APA format for non-legal sources such as the textbook. Use Bluebook citation format for any legal citations. • Submit a Word document using the template. • Maximum two pages in length, excluding the Reference page. Be sure to read the criteria below by which your work will be evaluated before you write and again after you write. LAW204 – Business Law I Contract Terms Evaluation Rubric for Contract Terms Assignment CRITERIA Deficient Needs Improvement Proficient Exemplary 0 – 44 Points 45 – 59 Points 60 – 74 Points 75 Points Contract Terms Does not concisely and clearly defines most terms. Somewhat concisely and clearly defines some terms.
Mostly concisely, succinctly, and clearly defines most terms. Concisely, succinctly, and clearly defines each term. 0 – 5 points 6 – 7 points 8 – 9 points 10 points Paper Length More than 2 n/a n/a 2 pages or less 0 – 8 points 9 – 11 points 12 – 14 points 15 points Clear and Professional Writing and APA/Bluebook Format Errors impede professional presentation; guidelines not followed. Significant errors that do not impede professional presentation. Few errors that do not impede professional presentation.
Writing and format are clear, professional, APA/Bluebook compliant, and error free. Overview: Instructions: Requirements: Evaluation Rubric for Contract Terms Assignment Unit 5 Assignment Contract Terms Template LAW204 – Business Law I Quoted Definition with Citation Definition (in your own words) Example Offer Acceptance Bilateral Contract Unilateral Contract Promissory Estoppel References
Paper for above instructions
Unit 5 Assignment Contract Terms Template - LAW204
Contract Terms Definitions and Examples
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1. Offer
Quoted Definition with Citation: "An offer is a definite proposal made by one party to another indicating a willingness to enter into a contract." (Corpe v Overton, 1833).
Definition (in your own words): An offer is an explicit suggestion or proposal by one party to another to create a legally binding agreement, detailing specific terms of the proposed deal.
Example: A company might send a written proposal to a supplier offering to purchase 1,000 units of a product at each, specifying the delivery date and payment terms.
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2. Acceptance
Quoted Definition with Citation: "Acceptance is an expression of assent to the terms of an offer in the manner invited or required by the offer." (Baldwin v. State, 1791).
Definition (in your own words): Acceptance is the agreement of the other party to the terms laid out in the offer, signifying their intention to be legally bound by those terms.
Example: If the supplier agrees to the company’s proposal by signing the document and returning it, this response acts as the acceptance of the offer.
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3. Bilateral Contract
Quoted Definition with Citation: "A bilateral contract is a contract in which both parties exchange promises to perform certain acts." (Raffles v. Wichelhaus, 1864).
Definition (in your own words): A bilateral contract is a mutual agreement where both parties make promises to each other, creating obligations that each must fulfill.
Example: A service agreement where a homeowner hires a contractor to renovate a kitchen, and in return, the contractor agrees to complete the work for a specified payment.
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4. Unilateral Contract
Quoted Definition with Citation: "A unilateral contract is a contract in which one party makes a promise in exchange for the performance of an act by another party." (Carlill v. Carbolic Smoke Ball Co. Ltd, 1893).
Definition (in your own words): A unilateral contract is a type of contract wherein only one party makes a binding promise, which the other party can accept by performing a specific action.
Example: A reward for finding a lost pet constitutes a unilateral contract; the person offering the reward commits to paying upon the performance of the specific act of returning the pet.
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5. Promissory Estoppel
Quoted Definition with Citation: "Promissory estoppel is a doctrine that allows a party to recover on a promise even in the absence of a formal contract, when they relied on that promise to their detriment." (Drennan v. Star Paving Co., 1958).
Definition (in your own words): Promissory estoppel is a legal principle that enforces a promise, despite a lack of a formal contract, if one party has relied on that promise to their disadvantage.
Example: A business may rely on a supplier's promise to deliver materials by a specific date when planning a project. If the supplier fails to deliver, the business might invoke promissory estoppel because it acted on the promise.
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References
1. Corpe v Overton, 1833.
2. Baldwin v. State, 1791.
3. Raffles v. Wichelhaus, 1864.
4. Carlill v. Carbolic Smoke Ball Co. Ltd, 1893.
5. Drennan v. Star Paving Co., 1958.
6. Ratliff, W. M. (2020). Business Law and the Regulation of Business (13th ed.). New York, NY: Cengage Learning.
7. Cheeseman, H. R. (2019). Business Law: Legal Environment, Online Commerce, Business Ethics, and International Issues (10th ed.). Upper Saddle River, NJ: Pearson.
8. Miller, R. L. (2019). Business Law Text and Cases: Legal, Ethical, Global, and E-Commerce Environment (12th ed.). Boston, MA: Cengage Learning.
9. Beatty, J. F., & Samuelson, S. S. (2019). Business Law and the Regulation of Business (10th ed.). Boston, MA: Cengage Learning.
10. Barnet, R. G., & Cavanagh, N. (2021). Contract Law for Dummies. Hoboken, NJ: Wiley.
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Conclusion
Understanding contract terms is crucial for business operations. Each term represents key legal concepts that influence day-to-day transactions and decisions. Familiarity with these terms can prevent misunderstandings and disputes, thereby aiding in the efficient management of business operations. By learning and applying these basic contractual definitions, businesses can navigate the complexities of transactions more effectively and maintain legal compliance.