Contractual Analysis

Rhiannon Neufell

BUS 311 - Business Law I

Instructor David MacKusick

April 27, 2015

Contractual Analysis

Contracts are an integral part of society. They do everything from allowing someone to apply for credit cards to entering into schooling. Purchasing a house often involves a contract between a mortgage company and a prospective homeowner, or between one individual and another, protecting both sides of the transaction. Enforceable contracts include clauses that assess penalties that only occur if specific circumstances come about to cause a breach of contract. These penalties can include anything from fines to imprisonment, depending on the terms dictated therein. An enforceable contract consists of five essential elements: an offer, acceptance,...