Week Three Assignment: Elements of A Contract BUS 670 Legal Environment

Elements of a Contract Contracts are promises that are enforceable (Seaquist, 2012). In the environment of business, contracts can be very costly for a business if they are not fully understood and fulfilled accordingly. A representative of a business that has authority can accidently enter the business into a contract unknowingly, so it is important to understand the elements of a contract and analyze the operation of the contractual elements that meet the criteria of a contract. There are five elements of a contract that that must be present for a contract to be enforceable by a court. The first element is the offer. The second element that must be present if the acceptance of the offer. Third is...