Business Question

Unit III Introduction In this Unit and the next, we will delve deeply into contract law which consists of the definitions, sources and classifications of contracts. There are several ways a contract can be classified. Every contract is either bilateral or unilateral, express or implied, void or voidable, formal or informal, to name just a few. We will learn what constitutes a valid Offer, Acceptance of the Offer, well as Consideration. A manifestation of an intent to be bound by the contract is an important element of Acceptance, including definite and certain terms, also known as the Mirror-Image Rule. The Offeror has the power to control the means by which Acceptance is effected. Consideration is also a crucial element to every valid contract – without consideration, the agreement is not enforceable. This element is defined as what the person will receive in return for performing a contract obligation. Money is the most common consideration, but it is not the only type. A promise to perform or withhold an action is also consideration. One of the key features is that which is given in exchange must not be past consideration. Work done in the past, for example, has already been performed so it is not valid consideration. In this Unit, we will study all the elements to a valid agreement. In Units III and IV, we will learn about common issues in creating and enforcing a valid contract. For example, we will discuss the importance of genuine assent to a bargain, and problems with assent, such as Mistake (unilateral and mutual), Misrepresentation, Undue Influence and Duress. We will examine the circumstances surrounding an agreement which has deficient Acceptance, which will make the resulting contract voidable, so it may rescinded or cancelled. Genuine assent is important as it stabilizes contracts which makes business transactions smoother and more dependable. If we don’t know whether “yes” to a proposed agreement means “yes” we would not able to rely on the contract, and the smooth flow of goods and services would be substantially disrupted. As well, there are certain limited circumstances when parties may void a contract based on Mistake. A Mistake, in the eyes of law, has a technical definition. It means that one holds an erroneous belief about the facts of a contract at the time the contract is made, not sometime later. A Misrepresentation in the process of contracting means that one has made an untruthful assertion about a material fact. We will study what a material fact is, as it is narrowly defined. PLEASE SEE ATTACHED. Textbook:Kubasek, N., Browne, M. N., Herron, D. J., Dhooge, L. J., & Barkacs, L. L. (2021). Dynamic business law: The essentials (5th ed.). McGraw-Hill Education. https://online.vitalsource.com/#/books/97812640767…

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