Business Law Formation of Contracts Questions

Business LawAssignment (2): Formation of Contracts
PART (1): 7.5 Points
Find a contract to which you are a party.
Identify: 1) the offer, 2) acceptance, 3) consideration, and 4) some basic terms of the contract.
Some examples may include:
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A credit card agreement
A grocery store “club” card agreement
An agreement to sell something to a friend for money
An agreement to buy something from a friend for money
A movie rental store agreement
A commitment to play sports for a college or community group
Any form of signed agreement relating to a part-time job
A private email account, such as Hotmail or Gmail
PART (2): 7.5 points
1. Explain how contracts can be used to reduce risk of disputes and litigation.
2. Browse newspapers, online news articles, magazines or websites and other periodicals for an
article talking about case about a broken contract or some type of contract law dispute.
Briefly explain the background of the case / the situation (who are the parties involved?), the
issues of the case and provide the outcome (i.e. what happened in the end? how was the
dispute resolved?). If there is no outcome yet, what do you think will be the outcome and why?
What went wrong in this case? Why wasn’t the contract effective in avoiding a dispute?