Law 421 Week 4 Team Assignment Weekly Reflection Common Contracts

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Law 421 Week 4 Team Assignment Weekly Reflection Common Contracts

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Contracts are something that everyone must deal with at one point or another. Whether it is from buying a car, to buying a house, or even involvement at work, contracts are unavoidable. Below are some of the contracts that we came across that some may have been comfortable with or struggled with and how the weekly topics related.

According to Encyclopedia Britannica (2011), a contract is promise enforceable by law to either do something or refrain from doing something (p. 1). Melvin (2011) states a contract is simply an agreement that a court of law will recognize and enforce (p. 126). We experience contracts in many areas of society both as individuals and in business. Elements of a contract are: an agreement that includes offer and acceptance indicating mutual assent, consideration, capacity, and legality or public policy (Melvin, 2011). Some examples of common contracts include the following: an apartment/house lease, buying or selling a house or car, employment non-compete, secrecy and temporary employment contracts, and contracts the military requires.

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