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Legal and Ethical Environment in Business: Contracts

**What is the difference between an express and an implied contract? A unilateral and a bilateral contract? A contract that is void or voidable?

**What elements must be in place for formation of a contract?

**What are three examples of valid consideration?

(Please use at least one research site to support your statements.) Approximately 550 words.

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Legal and ethical environments are the core frameworks to how businesses conduct their activities to serving their targeted consumer demographic. Thus, the implementation of corporate policy is vital for executing the company's mission and vision initiatives that not only motivating employees but attracts the consumer base demographic. Let's take a look into following areas of focuses associated with legal and ethical environment in business:

**What is the difference between an express and an implied contract? A unilateral and a bilateral contract? A contract that is void or voidable?

Express contract relates towards agreements made between impacted parties or entities seeking a common goal of equally value of exchange. While the implied contract entails an inferred set of understanding clauses regarding the facts associated with a particular situation or expected behavior by the parties / entities. An unilateral contract relates towards one individual perform his / hers promises during the time of making another contract with someone else that can cause a conflict of ...

Solution Summary

The legal and ethical environment in business contracts is examined. The elements which must be in place for formation of a contract is determined.

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