L203 - Commercial Law Applied Learning Assignment #4 This assignment is required. The following criteria apply to this assignment: Maximum Possible Points: The maximum number of points you may earn for this assignment is 50. Points earned from this assignment will be added to your total point score for the semester. (See the course syllabus for the course grading scale.) Due Date See the Course Schedule: Assignments must be submitted in Canvas no later than the beginning of the class session on the due date. Late submissions will not be accepted or graded. The Assignment: First, find a written contract that you are a party to (either now or in the recent past). Some good examples are: a cell phone agreement, a lease, an insurance policy, a cable service contract, an employment contract, a gym membership, or a scholarship. (A simple sales receipt is not appropriate for this assignment.) Second, read the contract in its entirety. Then, complete the Assignment Sheet by answering the questions about the contract you have selected. Please note: Please use complete sentences for your answers. Provide sufficient information to fully answer the questions. You need not attach a copy of the contract you have selected. Be sure to apply course terms and concepts in your answers. Grading: Points for each section are shown on the Assignment Sheet. The overall Assignment will also be scored for appropriateness in appearance, grammar, spelling, syntax, and punctuation. L203 - Commercial Law Applied Learning Assignment #4 _____________________________________ Student Name (print and sign) Entering my name certifies that this assignment is my original work, completed without help from others, and my submission has been completed in compliance with the Honor Code of the Kelley School of Business - Indianapolis. Section 1 (5 points): The Nature of the Contract - Briefly describe the type of contract you have selected and the purpose of this agreement. Section 2: The Parties (4 points) Identify all parties who are/were part of this agreement: (4 points) How did the offer take place? Which party was the offeror and which was the offeree? Explain your answer. Section 3: The Obligations of the Parties (6 points) Describe the primary duties you have under the contract. That is, what are the main duties you are required to perform in order to meet your obligations under the agreement? (6 points) Now, describe the primary duties of the other party to the contract. What are the main duties they are required to perform in order to meet their obligations? Section 4: Provisions Notice Provisions (5 points): Identify any terms that require either party to notify the other under certain circumstances. Describe. Forum Selection (5 points): We have learned that most contracts are matters of state law. Does your agreement specify which state's laws will apply to the contract? If so, what state? If not specified, which state's laws apply to your agreement? Jurisdiction (5 points): If you needed to file a lawsuit to enforce the contract, where would you file it and why? Does your agreement specify a court that will have jurisdiction over any lawsuits? If so, describe. Termination (5 points): When does/did the agreement end? Is there any language that gives either party a right to terminate before that date? If so, summarize the terms. Quality of Submission: No answer required here. (5 points) Appearance of submission is appropriate for a professional business use