This is a rough draft of a speech I will be giving regarding business contracts. I am having trouble coming up with a strong introductory and conclusion paragraph with a strong hook.

What is a contract?

According to Upcounsel (2022), a contract is an agreement between two parties that creates an obligation to perform (or not perform) a particular duty. Although they can also be oral agreements, contracts are primarily written papers. An agreement between two or more businesses, in which the parties agree to do something in exchange for an advantage or achievement, is legally binding. A legally enforceable contract requires the following elements:

1. An Offer. (For example, If Brian tells me, I'll mow your lawn this Saturday if you pay me $40)
2. An Acceptance (If I say You've got a deal, that is considered the Acceptance)
3. Mutual Consideration (the value received and given - the money and the lawn mowed)
4. Legal Parties
5. Legal Purpose

What is the objective theory of contracts?

In Research from Upcounsel (2022), the objective theory of contracts is the view that contracting parties shall only be bound by terms that can be objectively inferred from promises made. This philosophy is centered on the idea of fairness and aims to safeguard the parties' rights and ensure they get what they agree to. For example, when the neighbor shows interest in the guitar, Party A sets a selling price based on the appraisal rate and enables the neighbor to have the instrument evaluated by a professional. The neighbor proceeds to sell valuable assets to raise money for the guitar purchase, but the owner decides not to sell at the last minute. Applying the objective principle, the court can find that the parties have a legal contract because they agreed on a price, allowed a third party to do an appraisal, and the neighbor took action to raise the money.

Next, let's discuss the four elements that are required for the formation of a contract.

In research from Lawdepot (2018), a contract must have four elements: An offer, acceptance, consideration, and mutuality. A contract offer is a deal one person makes with another person regarding exchanging work or business. Moreover, a proposal could be made to abstain from doing a particular action in the future. When a contract is formed, consideration is what was promised in exchange for the specified action or inaction. Investing money or effort, promising to perform some service, agreeing not to do something, or relying on the promise are some ways it can be achieved. Contracts are based on consideration, which encourages both parties to sign. An acceptance is the third element of a contract, meaning the offer has been accepted. You can either sign an electronic contract or a paper contract to accept an offer. It is also possible to accept an offer through words, deeds, or by performing as stated in the contract.

An offer's acceptance must match its terms. However, the acceptance will be considered invalid and dismissed if it does not. For example, suppose the contract involves the sale of goods between dealers. In that case, the endorsement does not have to reflect the terms of the offer for a valid contract to exist unless the acceptance drastically alters the original contract or the offeror objects within a reasonable period. Finally, mutuality is the fourth component of a contract. In terms of the agreement, mutuality refers to the meeting of minds. A simple explanation would be that both parties understood and agreed on the basic terms and conditions of the business deal.

Outline the elements necessary for an effective offer. Provide examples of non-offers.

According to (Lawrence, 2017), when it comes to making a compelling offer, there are three elements that are crucial. First, the offeror must have an objective, serious intention. Thirdly, the terms of the offer must be rationally understood or definite so that both parties and the court can understand the contract terms. Finally, the offer must be communicated to its recipient. Compelling offers are determined by the other individual's interpretation of what the offeror's words and actions implied rather than what the offeror's subjective intentions, beliefs, or assumptions were. Unfortunately, offers made in evident anger, sarcasm, or excitement do not meet the neutral, serious intent requirement.

The second element of a compelling offer is its definiteness. Having definite terms in an offer allows it to be determined if a breach has occurred and to offer appropriate remedies. According to the law, contracts must include the following terms, which are either expressly stated in the contract or can reasonably be inferred from it. These include identifying the parties, identifying the object or subject matter of the contract, paying the consideration and when it will be paid, and performance or delivery. Lastly, by accepting an offer, the offeree can transform the proposal into a lawful and legally binding obligation. Ultimately, the power of acceptance can be revoked through either action of the parties or ratification by the courts. Moreover, good intentions, opinions, and preliminary negotiations are nonoffers.

Explain how shrink-wrap and click-on agreements differ from other contracts. Discuss how traditional law has been applied to these agreements.

In research from Pistorius (2004),there are two types of contracts that are unique from others: shrink-wrapped and click-on contracts. Most of the time, the company providing the product or service decides the terms of these contracts. Since these contracts cannot be negotiated, they are often viewed as unfair to consumers. Parties have been held responsible for shrink-wrap and click-on contract breaches according to the traditional law of torts. Property law protects the intellectual property rights of parties who enter into these agreements from infringement by third parties. Criminal law also allows for the imposition of civil penalties on parties who violate these agreements.

There are a few critical differences between shrink-wrap and click-on agreements. First, shrink-wrap and click-on agreements are typically not negotiated between parties. In most cases, the company providing the service or product sets the terms of these contracts. Second, customers often sign these types of contracts without reading the entire document. It is because the terms of these contracts are usually included in fine print on the back of the agreement or on a website which the customer must agree to before utilizing the product or service. Lastly, shrink-wrap and click-on contracts are often perceived as unfair to consumers because their terms are not negotiable and often in favor of the company.

According to Pistorius (1999), there are several ways in which traditional law has been applied to shrink-wrap and click-on agreements. Click-on and shrink-wrap agreements have been interpreted and enforced using the traditional law of contracts. In contract law, these agreements are binding if they are entered voluntarily and intend to create a legal relationship between the parties. As long as these agreements are valid and enforceable, the courts will interpret them according to their plain meaning. The traditional law of torts has been used to hold parties liable for breach of shrink-wrap and click-on agreements. Under the law of torts, a party who breaches a contract can be liable for damages if the other party suffers a loss due to the breach. The law of torts also allows for the recovery of damages for breach of these agreements if the violation is found to be willful or reckless. The traditional property law has been used to protect the parties' intellectual property rights to shrink-wrap and click-on agreements.

Under property law, the intellectual property rights of the parties to these agreements are protected from infringement by third parties. The property law also allows for the recovery of damages for violating these rights. The traditional law of criminal law has been used to punish parties who violate shrink-wrap and click-on agreements. Under the direction of criminal law, a party who violates a contract can be penalized with a fine or imprisonment. The criminal law also allows for the imposition of civil penalties on parties who violate these agreements.

What is a consideration? Discuss what is required for consideration to be legally sufficient.

In research from Findlaw (n.d.), essentially, consideration is the exchange of something of value for something of value from one party to another. For consideration to be legally sufficient, it must be valuable to the person receiving it and be given in exchange for something of value. Consideration is an essential element of a contract. Without consideration, there is no binding agreement. Consideration must be provided by both parties to a contract and be valuable to each party. In the eyes of the law, consideration must be something valuable. Therefore, it must be measurable in monetary terms and cannot be illegal. It does not take into account promises that are already required by law, such as paying for goods or services received. It would be considered consideration if someone promised to pay more than they were legally obligated to pay.

Legal consideration must be exchanged for something of value in order to be legally binding. In exchange for what they are giving, each party must receive something they consider valuable. Suppose Party A offers Party B $200 in exchange for Party B's promise to do something. This would be regarded as a consideration by both parties. There are three requirements for consideration to be legally sufficient:

1) It must be something of value to the person receiving it.

2) It must be given in exchange for something of value.

3) It must be given willingly and without coercion.

If all three of these requirements are met, the consideration is legally binding, and the contract is enforceable.

Consideration is an essential element of a contract because it makes it enforceable. Without consideration, there is no contract. Consideration must be given by both parties to a contract and be valuable to each party. There are three requirements for consideration to be legally sufficient: it must be something of value to the person receiving it, it must be given in exchange for something of value, and it must be given willingly and without coercion. If all three of these requirements are met, the consideration is legally binding, and the contract is enforceable.