Question

Write a Journal Reflection applying what we have learned about contracts to the life/career. Please consider 3-5 contracts/contractual relationships that you have entered into (or that are common in your current or future career).  Please describe the basic contract and explain the contractual elements (offer, acceptance, consideration), any issues with capacity or legality, the requirements for performance of the contract, and potential remedies should either side breach the contract.  The journal should include use and application of proper legal terminology. The journal should be a minimum of 300 words.

Answer 1

contract is a written or expressed agreement between two parties to provide a product or service. There are essentially six elements of a contract that make it a legal and binding document.

In order for a contract to be enforceable, it must contain:

1. An offer that specifically details exactly what will be provided
2. Acceptance, which is the agreement by the other party to the offer presented
3. Consideration, money or something of interest being exchanged between the parties
4. Capacity of the parties in terms of age and mental ability
5. The intent of both parties to carry out their promise
6. Legally enforceable terms and conditions, also called object of the contract

In other words, a contract is enforceable when both parties agree to something, back the promise up with money or something of value, both are in sound mind and intend to carry out their promise and what they promise to do is within the law.

Most commonly, a contract is written and signed by the parties. However, there are several other types of contracts that are considered enforceable. There are even some that are not considered enforceable and serve only as a way for a court to determine the obligation on the part of either party.

Express Contract

You'll likely be a party to contracts in your everyday routine. Everything from eating at a restaurant to buying a home includes some form of a contract. The following are some of the most common contracts that are used.

An express contract is the most common contract type. In this type of contract, all elements are specifically stated. This can be written or done orally. Either way, offer, acceptance and consideration must bind the parties together legally. And both parties must clearly understand the terms and conditions each is agreeing to.

When Josie Aurora decided to rent an apartment from Landlord Whistler, she signed a lease. In the lease, it stated the amount of the rent, the length of the lease and what amenities are included in the rent. Josie gave Whistler a down payment equal to one month's rent to secure the apartment, signed the agreement and Whistler handed over the keys and rights to occupy the place for a period of time written into the lease agreement. Josie and Whistler entered into an expressed contract for the rental of an apartment.

An oral contract works the same way. In an oral contract, like negotiating the price of a new car, the parties agree on a set price, a monthly payment schedule if applicable and any warranties or guaranties included in the offer. Once acceptance is made and consideration is exchanged, the contract for the vehicle is binding and enforceable. As long as both parties uphold their promise, the car cannot be returned at a later date, nor can the salesman request the car back from the new owner.