Over the next few weeks, we will be covering all things about contracts. As you read through the various topics on contracts, I want you to consider the following scenario:

One of the biggest events in your life will be taking place in 6 months. You will be marrying your longtime sweetheart. Both you and your fianc have decided to use a wedding planner. It just so happens that your good friend from college does some wedding planning on the side. You talk with your friend to let her know what you and your fianc want for the wedding. Your friend agrees to take on task. She assures you that it does not have to be anything formal and that her word is good enough. She will get the job done! Youre hesitant about not doing a formal contract, but you figure shes a good friend and you are certain that she will make your wedding day special.

Contracts are one of the most important legal documents you can have. Still, today many people still think because they are friends, they can just give their word. However their word will not hold up in court if anything goes wrong.

In your discussion question you will discuss the importance of a contract and how you are protected, specifically as it relates to the scenario presented above. Discuss what can go wrong if there is not a contract and how the situation would be different if there was a contract. Include in your discussion the four parts of a contract and if you would still have a contract if one of the parts was missing. Include the answers to the following questions in your discussion because it will help with a better understanding of the concepts. Also, talk about what a counter-offer is and how to deal with it.

Who are Parties?

What is an Offer?

What is Acceptance?

What is Consideration?

The purpose of this discussion is to have a good understanding of what constitutes a contract and why a contract is important.