Why Business Law Is Contracts - 2328 Words

There are a broad range of categories and topics when it comes to the laws of business. One of the main topics that we encounter when studying business law is contracts. According to our text, â€Å"A contract is a legally enforceable agreement between two or more people.† (Rogers, 2012). As adults contract laws are something we should engage in learning about because it is likely we will enter into one at some point in our adult lives. Business law will also help us identify the several different types of contracts and the steps that both parties must follow before any contract can be legal. There are many different types of contracts an individual can consider. These include expressed, implied, bilateral, unilateral, simple, formal and quasi contracts. According to Rogers, 2012 express contracts are â€Å"formed by the express language of the parties—the actual words they use in their agreement—and can be either written or oral.† Express contracts do not have to be in writing and contain the offer, acceptance and consideration elements of a contract. These contracts are normally compared to implied contracts. Rogers, 2012 states that implied contacts are â€Å"formed not by the express words of the parties, but rather by their actions.† With these contracts the agreement is implied by actions. There are no expressed words within an implied contract and can be either implied in fact or in law. If the contract results in inequity or harm it will not be implied. If there isShow MoreRelatedWhy Law Has A Bigger Impact On Business Than Contract Law1826 Words   |  8 PagesFew areas of law have a bigger impact on business than contract law. When people conduct commerce of any kind they generally want to have legal protection to ensure that the other party will deliver, that’s where contracts come in. First we will discuss the elements of a contract, and why contracts are important in business. Then, court cases will be examined to display the importance of the elements of a contract. Finally we will discuss why the layman has a general fear of contracts, and some remediesRead M oreEssay on Why Are Quasi-Contracts Needed?638 Words   |  3 PagesBAM 521 –Business Law Unit Two – Question # 3 3/16/2012 Question #3: Why are quasi-contracts needed? Why is it not better to just say that unless parties express or impliedly make a contract, there is no deal? The term quasi-contract is a more accurate designation of contracts implied in law. Implied contracts are as binding as express contracts. An implied contract depends on substance for its existence. Therefore, for an implied contract to arise, there must be some act or conduct of aRead MoreBus 311 Business Law Entire Course Material1611 Words   |  7 PagesBUS 311 Business Law Entire Course Material Follow the link below to purchase http://www.homeworkarena.com/bus-311-business-law-entire-course-material    Visit Website: http://www.homeworkarena.com/ Please contact us for more Tutorial amp; Help (climaxbegin@gmail.com) BUS 311 Week 1 DQ 1 Applying the Law to a Set of Facts    Applying the Law to a Set of Facts.  Read the Hypothetical Case Problem #1 at the end of Chapter 1 and respond to these questions 1. If Javier sued Energy-AutoRead MoreBusiness Entities Essay1297 Words   |  6 Pagesï » ¿ Business Entities Jessica Perez BUS 311 Business Law Instructor: Janet Fiorentino 12/1/2014 As the manager of Acme Fireworks, I need to gather information to help the owner determine whether or not he should continue to be a sole proprietorship or if he should switch to another business entity. I will help him do so by explaining each entity and how they relate to his business situation. I am the manager of Acme Fireworks, a fireworks retailer who sells fireworks, puts on ground displayRead MoreBusiness Ethics and the Role of the Corporation Essay983 Words   |  4 PagesBusiness Ethics and the Role of the Corporation The problem to be investigated is the ethical role that the corporation has when balancing internal strategies with external responsibilities. Dr. Novak explains various responsibilities a business has in his article â€Å"Business Ethics and the Role of the Corporation†. This paper will first discuss why Dr. Novak has two sets of responsibilities in his article on business ethics. Next it will explain what Dr. Novak says about the rule of law andRead MoreAn Introduction With A Thesis Statement1064 Words   |  5 PagesAssignment D. Josh Rhoderick BUS311: Business Law I Instructor: Daniel Malvin Nov 30th , 2015 Final Paper Proposal: Develop an introduction with a thesis statement for the Final Paper: I have been tasked with figuring out if contracts with several large businesses will be governed by common law or the Uniform Commercial Code. Analyze with the owner formed a contract with the businesses, and apply the five essential elements of an enforceable contract. The business is growing, we want to exceed ourRead MoreP4 P5 Contractual terms in a standard form contract 20141355 Words   |  6 PagesContractual terms in a standard form contract and the impact of statutes on these terms P4: Describe the meaning of terms. P5:Explain the effect of terms. Task Using the Vodafone contract prepare a briefing sheet describing how statutes affect contractual terms. ï  ½ You should include the following: ï  ½ A description of express terms ï  ½ A description of implied terms ï  ½ Identify and describe the statutes and regulations affecting contractual terms ï  ½ ï  ½ (Remember to illustrate your answer with examplesRead MoreRisk Lawsuits, A Poor Reputation, And Could Face Criminal And / Or Civil Penalties1139 Words   |  5 Pagescompany should be informed of the business laws that pertain to them and have the knowledge of how they can affect them. The owner of the business should not be the only one that is familiar with the laws and the depth of them. The employees should have the knowledge of the laws because they can protect and affect them in many different ways. Business owners should protect themselves and their company by being conscious of the laws and abiding by them as well. Contracts are one of the most importantRead MoreElectronic Codes And Its Effect On A Small Business Entity1659 Words   |  7 Pagesnew employees. ACME Fireworks should expand to a larger business entity because expanding to a larger business entity will allow the company to negotiate larger contracts with other companies, and the company will never reach its full potential until it has expanded to a larger business entity. In the paragraphs that follow I will address the issues such as evaluation of the contracts and decide if they will be governed under the common law rules or the Uniform Commercial Codes (UCC). The paper willRead MoreThe Case Against Martin Motors Inc.1584 Words   |  7 Pagescan be used to determine why the David Smith will be successful in the lawsuit against Martin Motors Inc. To begin, In order for a contract to be valid, it must meet the following elements of a contract: Mutual assent, consideration, legal purpose and capacity. First the definition â€Å"Mutual Accent† according to Smith and Roberson’s business law 16th edition (pg 174) â€Å"The parties to a contract must manifest by words or conduct that they have agreed to enter into a contract. The usual method of showing