Question

Which aspect do you think is something that you can best apply in your daily life OR in future when you go out to work? Explain how you can apply that concept / theory. (maximum 300 words) Please answer in the box provided.

Answer 1

answer-

In our daily life or work, we do many things but in this course the theories or concept that i will be able to best apply are contract law and agency law. I believe that these two theories are going to be very important part of my future career.I want to real estate agent. The contract law and agency law will play important part in my future career. contract law is related to forming valid contract which are enforceable by law. if i want to make a contract with another party in future then i need to underst and apply its concept.In order to form a valid contract, i need to make sure there are essential elements present.

the first is offer and acceptance where offer is the promise and acceptance means another party is accepting the promise to perform the contract. The second is consideration which we basically know as price or money given in a contract. Third is capacity which means another party whom i make contract with must be competent or capable to perform the contract. he or she should not be minor, mental or under the influence of drug or illegal susbtance.

Agency law will be the part of my life because as real estate agent, i will be an agent hired by principal to do thier job. for example- John hires me to sell his house in the market for $1.5 million within 6 month. As agent i will find a right customer with best of my knowledge, experience and skill to close the sales deal and help John to sell his house. In return i will get commission fee on that.

so we can see how the concept of contract and agency apply to my future career.