Module 1 Introduction: (CU2 M1) Contracts
Contracts come in all shapes and sizes. You enter into a contract with a broker and seller when you purchase a house. Businesses enter into contracts with other businesses to set prices and solidify relationships. And if you want reliable work done on your house, you will have a contract with your contractor,hence the name.
Contracts are legally-binding relationships. In most circumstances, a contract involves an agreement to deliver a product or service at a specified time on a specified date. Violating a contract can result in a lawsuit or some kind of settlement. While courts can be involved in this process, these situations can also be settled outside of the judicial system. Laws regarding contracts vary from state to state, so it is always important to know the contract law in your area. This Credit Unit will discuss contracts in great detail, but it will not cover everything. By the end of this Credit Unit, you should have a general familiarity with how most contracts are written and enforced.
Identify and discuss the essential elements of a valid contract.
Explain unilateral and bilateral contracts, and identify examples of these types of contracts.
Identify and describe situations in which a contract can fail.
- Summarize the remedies available for breach of contract.