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Can you give me a summary of what a contact is.

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Use has been made of information at the following sites:
http://www.pbs.org/standarddeviantstv/transcript_business.html#whatis

Can you give me a summary of what a contract is?

A contract is a legally enforceable promise or set of promises. It may be in writing, by word of mouth (orally) by conduct, or by any combination of such. Everyone is free to enter into any contract. (Exceptions: those against public morality, those against national security, those against public interests, those regulated by statutes for protection of consumers.)

Contract law is the foundation of all commercial activities. Contract law determines what promises are enforced, whether promises have been performed, and remedies for breaches of contract (meaning somebody has broken a contract in some way). These remedies are basically compensation for, or fixes to, the breached part of the contract.

There are basically two sources of contract law: The Uniform Commercial Code (the UCC) and common law. The UCC was created to establish a uniform set of rules to govern commercial transactions. The UCC attempts to unify the national marketplace. The UCC covers a broad range of commercial transactions. Article Two of UCC concerns the laws covering the sale of goods. Contracts that don't cover the sale of goods are covered by either other portions of the UCC or by common law. Common law, also known as case law, consists of law formed through court decisions.

The Requirements for a Valid Contract:

A contract is valid when it meets all the requirements for the formation of a contract. The four main requirements for a valid contract are legal capacity, legality, agreement, and consideration.

a) Legal capacity: this means that the person signing the contract must be at least eighteen years old ...

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The purpose of this document is to further investigate the internal infrastructure within NCAA's use of the "No Agent 12.3.2.1" rule and the "Restitution" rule. Andy Oliver was suspended from the baseball league as a result of having his attorney/agent present during contract negotiations which is prohibited from the baseball league, Oliver claims that both rules have not been enforced by the league and other baseball players, and are otherwise null and void, the courts ruled in agreement with Oliver's claim. The objective of this document is to conduct a comprehensive analysis of both arguments in order to test the theory of "Breach of Contract" and to test the validity of both rules ("No Agent" and "Restitution")in order to determine if they are relevant in accordance with the college baseball league in today's culture and the prevalence of agents in the industry or are the rules invalid and should be shun from the NCAA as a rule to utilize.

Research questions/Hypotheses-

? Should the "No Agent" and "Restitution" rule be considered invalid and/or unenforceable?

? Is the "No Agent" and "Restitution" rule null and void?

? Should the "No Agent" rule be enforced? If so, should violators be punished?

Background literature to support research

Main theme/purpose-

The purpose of this document is to further investigate the internal infrastructure within NCAA's use of the "No Agent 12.3.2.1" rule and the "Restitution" rule. Andy Oliver was suspended from the baseball league as a result of having his attorney/agent present during contract negotiations which is prohibited from the baseball league, Oliver claims that both rules have not been enforced by the league and other baseball players, and are otherwise null and void, the courts ruled in agreement with Oliver's claim. The objective of this document is to conduct a comprehensive analysis of both arguments in order to test the theory of "Breach of Contract" and to test the validity of both rules ("No Agent" and "Restitution")in order to determine if they are relevant in accordance with the college baseball league in today's culture and the prevalence of agents in the industry or are the rules invalid and should be shun from the NCAA as a rule to utilize.

Research questions/Hypotheses-

? Should the "No Agent" and "Restitution" rule be considered invalid and/or unenforceable?

? Is the "No Agent" and "Restitution" rule null and void?

? Should the "No Agent" rule be enforced? If so, should violators be punished?

Background literature to support research

In this article, the supporting research was regarding the sports league which provides information as to why they feel it is necessary for professionals and collegiate sports entities to disregard the "No Agent" rule for the reason that during the drafting period individuals will need legal representation in order to compare and contrast various offers and to make the right decisions based on that candidates specifics of what's best for them.
In the article, the author compared the following leagues and illustrated why the "No Agent" rule is invalid:

? MLB

? NFL

? NBA

In the article were quotes from noted professionals in opposition to the "No Agent" rule.

? Major League Executives

? American League Scouting Director

? Vanderbilt coach Tim Corbin president of the American Baseball Coaches Association.

Law cases pertaining to the "No Agent" rule:

? Bloom v. NCAA

? NCAA v. Tarkanian

? Federal Antitrust Law Under Section I of the Sherman Act "Prohibits unreasonable restraints of trade."

? NCAA v. Board of Regents

? Smith v. United States

? McCormack v. NCAA

? Banks v. United States-challenged the "no agent" and "no draft" rule.

Methodology

The court tested whether or not Oliver had a standing for a claim of Breach of Contract in reference to the Bloom v.
NCAA case which illustrates that the NCAA violated the duty of good faith and fair dealing through arbitrary (unreliable) and capricious (illogical) action as a third party beneficiary to the contract between NCAA and OSU.

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