Read Chapters 11 and 12 on Contract Law

Answer and discuss the following:

1. Given your understanding of the chapter reading on contract law, identify and explain the requirements and elements for a valid contract. Legally how is a contract formed and what are some similarities and differences between common law contracts versus the Uniform Commercial Code? Why is it important to distinguish and identify which applies when making a contract business decision?
2. Using theNEXIS-Uni Legal Research Database below, find and provide one breach of contract case example within the last two years from your home state. Be sure to identify your state, explain the facts of the case, the parties to the lawsuit, the dispute and the outcome and remedies provided by the court. Provide whether you agreed with the court's decision or not. Nexis-Uni link: https://libdatab.strayer.edu/login?url=https://www.nexisuni.com orhttps://research.strayer.edu

For this week's learning, see some considerations below in regards to contract law. Remember, themost important part of understanding contract law isfirstto identify whether a valid contract even exists.If a valid contract does not exist, thus the required elements are not present, then you have no legal obligations, duties or rights and no agreement or "meeting of the minds." What is a "meeting of the minds?" See the considerations below:

• Does a contract exist between the parties? Arethe required elements present for a"valid" contract?
• Does the contract at issue have to be in writing? Why or why not and, when is it required?
• What are the remedies if someone breaches? Are they accounted for in the contract or does the judge presiding over the case have to make this determination?

When studying contract law, it is important to understand how courts assess and interpret contract law issues. Courts and judgesread contracts as a "whole" and according to the "ordinary meaning of the words." For example,the meaning of a contract and its terms is determined by looking at the intentions of the parties at the time of the contract's creation. When the intention of the parties is unclear, courts look to any "custom and usage" in a particular business and in a particular locale that might help determine the intention. For oral contracts, courts may determine the intention of the parties by considering the circumstances of the contract's formation, as well as the course of dealing between the parties. When partieshave a "meeting of the minds," it means the parties enter into an agreement and each party understands thecommitments andobligations they are making to each other. Thus, wehave a valid contract.

As a business executive, entering into a contract, it is important to protect yourself at the bargaining table. Business people are in a much better place to protect themselves, and their businesses, than a judge sitting in a courtroom all day. You must make considerations as to what you want, what your legal duties are pursuant to the contracts and most importantly - whatremedyyou want if the other party breaches the contract. This is what we call "damages" ($) and it is best to make this provision part of the contract terms than hope a judge, again in a courtroom all day, looks out for your interests.We will discuss this and a lot of the contact terms and information in the reading this week.

I hope you have a good day and a great week ahead.