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Contract Law Permeates Society and Daily Life

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Contract law permeates society and daily life. Think of a personal or professional contract in your life into which you've entered or describe a contract dispute you may have had. Relate your professional or personal experience in the business world to the readings for the week.
address the following questions:

Were there any issues, legal or otherwise, faced when entering into the contract?
What was the offer, acceptance and consideration? Be sure to define these legal concepts before identifying them in your specific example.
Would you have a different point of view entering into the contract now with your increased knowledge of contract law? Why or why not?
Identify ethical issues that exist in your example, if any. If your scenario did not present any ethical issues, provide support to indicate this.

Do not feel compelled to disclose more information than you are comfortable discussing. There are many contracts we enter into which are fairly neutral, so you should be able to discuss something without feeling an invasion of privacy.

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Solution Summary

The response provides you a structured explanation of how contract law impacts the lives of people . It also gives you the relevant references.

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I was asked to enter into a contract when I sold my 2003 Lexus ES 300 Sedan for $7,500. It was a selling contract for a car. The contract required me to fill up information such as my name, address, city, zip, and phone. What surprised me was that there were blanks for the buyer to enter her details but the buyers details were missing. The contract said that the seller conveys to the buyer full ownership and tile to the motor vehicle described below. The description followed. the buyer agreed to pay me $7500 by check.
The issues that were faced when entering into the contract were related to ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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