Contracts and The UCC

Anonymous
timer Asked: Aug 4th, 2014
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Question Description

What makes contracts difficult to read or comprehend. Next, identify and then explain the two most important elements of a contract that every manager should know about.

Tutor Answer

EN09
School: Cornell University

Contracts

When we make the contract, we thought that it is only based on terms and conditions of both the parties. But in actually, it is not like that. It involves lots of legal terms and language that makes the contract legal. So there are various reasons that make the contract difficult to read or comprehend. First of all, it involves lots of legal terminology that is difficult to be understand by a person who does not have studies law before. It is made as per the law that is based on average requirement of the people. So sometimes, there are so many clauses which are not applicable to all the persons. So it makes difficult for them to understand it. Sometimes, the contracts are too long and complicated for understanding. In actually, we should not sign any contract without understanding of its all the terms and conditions that are written in legal language. 

·  In actually, there are different elements of a contract that make it valid and legal. So it is important for a manager to have basic understanding about all of these elements. But there two most important elements out of all these elements that are important to know to for a manager because without these two elements, no contract will be considered as valid and legal between two or more parties. These two elements are –

1.  Proposal and acceptance –It is important that there should be offer and acceptance. Offer must have proposal and terms and condition of one party and it should be accepted by the other party. If there is mutual consent of both the parties, they can enter into a contractual relationship.

2.  Enforceability by Law - The other important element is enforceability by law. It is important a contract should consist of all the legal elements that can protect the aggrieved party by the intentional or non-intentional loss of the other party through a legal process. 


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Anonymous
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