Contract Creation and Management Simulation

Contract Creation and Management Simulation

German G. Aguirre

LAW/531

Patricia Fox-Butler, Esq.

December 3, 2012

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Introduction

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“Contracts are the basis of many of our daily activities. They provide the means for individuals and businesses to sell and otherwise transfer property, services, and other rights. The purchase of goods, such as books and automobiles, is based on sales contracts; the hiring of employees is based on service contracts; the lease of an apartment is based on a rental contract; and the sale of goods and services over the internet is based on electronic contracts” Cheeseman (2010).

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The universe of business requirement of contracts is a must. Without contracts business-people and organizations could not be operable. Almost every business activity requires the development of a contract to determine the terms in which the transaction will be performed. According to the United States Law a contract is the private law between the parties involved on it. Organizations and businesspeople must be aware of all components of a contract, and learn how to deal with them recognizing every legal part. An organization can write anything they want on a contract.

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There are four essential parts embedded in a contract as follows, agreement, considerations, lawful object, and writing. The reason for this writing is disclose a contract simulation proposed. Collecting enough information and identifying the legal issues within the contact will give us critical elements for our own business encounters. This simulation also will help us to identify possible legal risk and will give us tools to avoid them and moderate the liabilities.

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