LEG500 – Law and Ethics discussion

LEG500 – Law and Ethics discussion

Discussion

Imagine you are a senior manager in a U.S. manufacturing firm who procures component parts and services from various states. What is required for a valid contract and what might put your company at risk if not sufficiently scrutinized prior to signing a contract? Explain contract formation and differences pursuant to common law versus the Uniform Commercial Code. Why is it important to distinguish and identify which applies?
Research one breach of contract case involving two U.S. businesses within the last 2 years. Explain the facts of the case, the dispute, and the outcome if the case resolved. Post an article or another source to help explain the case and show your source for information.

Solution Preview

Law and Ethics Discussion
For any contract to be termed as valid, it must contain a number of elements. The first one is the offer; this part encompasses the ‘why’ part. Secondly, the contract must have acceptance of the offer by the parties. The third element is a consideration; it is the duty of the parties to consider who is paying what.

(455 words)