Description
A legal research paper of at least 20 pages of text (including references, title, appendices, abstract pages) is prepared on a commercial law topic selected by the student, with approval of the faculty member. A legal research paper plan is submitted to the professor on or before specifying the tasks to be performed. The legal research paper must demonstrate graduate level writing and comply with the format requirements of the Publication Manual of American Psychological Association, 6th Edition. Papers must include a table of contents, abstract & Outline and references, and sub-topic headings must be used in the body of the paper. Careful attention should be given to spelling, punctuation, source citations.
TOPIC: TYPES OF CONTRACTS
ABSTRACT, OUTLINE AND RESEARCH PAPER REQUIREMENTS
ABSTRACT (NEEDED ASAP BEFORE THE FULL PAPER)
The abstract should be a brief but comprehensive summary of the contents of you paper. Keep it short. According to the APA style manual, an abstract should be between 150 to 250 words. The abstract should also be written as only one paragraph with no indentation. In order to succinctly describe your entire paper, you will need to determine which elements are the most important.
Look at abstracts in professional journals for examples of how to summarize your paper. Notice the main points that the authors chose to mention in the abstract. Use these examples as a guide when choosing the main ideas in your own paper.
Refer to the APA manual for specific guidelines.
OUTLINE (NEEDED ASAP BEFORE THE FULL PAPER)
An outline is a general plan of what you are going to write in the finished paper. It will show the order of your information, what each paragraph will discuss, etc. The outline should identify main topics and subtopics. The outline should include a separate reference page, in APA format, citing at least 5 scholarly sources.
PAPER (TYPES OF CONTRACTS)
The research paper must be written on a topic approved by the instructor and must include a discussion of how the topic relates to contracting or commercial transactions. The paper must list and discuss a minimum of 10 scholarly references (other than websites and the textbook) with at least 5 references that are scholarly journal articles on the topic from UMUC’s online library databases.
The paper must be in APA format and prepared with graduate-level professional expectations. The paper must follow all formal writing requirements and using correct APA style and citation formatting requirements. Proper formatting includes correctly formatted in-text reference citations to indicate the location of reference and source materials relied upon as well as a separate reference page. Grammar, spelling and punctuation are also an important part of this assignment.
**************ABSTRACT & OUTLINE NEEDED ASAP IN THREE DAYS AT THE MOST********************
9 hours ago
Explanation & Answer
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Running head: TYPES OF CONTRACTS
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Types of Contracts and Their Application
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Course
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TYPES OF CONTRACTS
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Types of Contracts and Their Application
Abstract
Contracts play critical roles in the modern business environment. The primary function of
contracts in business is to create obligations and enforce rights that are actionable upon by the
parties to the agreements. The primary purpose of this paper is to explain the types of contracts
and the circumstances under which they are functional and enforced. Contracts are usually into
two broad groups namely written contracts and oral contracts. In enforcing contracts, courts of
law and tribunals look at a wide spectrum of issues to determine whether there are violations of
the agreements and whether the rights and whether the contents of the agreement are legally
binding. The paper examines the types of contracts, the obligations of the parties and the
intervention of the courts. Courts enforce valid contracts but may refuse to enforce certain
elements especially in circumstances where the parties have erred in the creation of such
contracts. Finally, the paper also examines the environments under which the different types of
contracts are applicable. The application of a type of contract among different parties is created
by the circumstances under which the agreements are being made.
TYPES OF CONTRACTS
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Introduction
A legally enforceable agreement between two or more parties is known as a contract.
Contracts are as old as civilization although the nature of their existent varies hugely. Contracts
are not new concepts to humankind. Traditionally, individuals made promises the other persons
expected them to honor. In the events the individuals making the promises failed to honor their
words, the society had special ways of dealing with them. Different societies had structures that
they applied in making sure that people honor their promises. In the recent years, as human
sophistication and civilization advances, there have also been massive adjustments like contracts.
Today, contracts are at the center of business operations. Since organizations depend on
promises to act or make payments in future, it is incredibly important for the parties to make sure
that they have valid contracts that have the backing of the law. For a contract to be legally
enforceable, they must have certain features. Contracts have parties. The term parties refer to the
persons or entities that are involved in an agreement (Burnham, 2016). It is important to note that
registered organizations can enter into contractual agreements in their name and not that of their
owners. For example, when Apple Inc. gets into contracts, it does that in its legal capacity, and it
does not use the names of its shareholders. However, individuals also get into contracts, as long
as they satisfy the standards. Apart from the parties, contracts have what is called consideration.
The term consideration refers to the benefits that parties stand to gain from any contractual
agreement. The basis of any contract is that both parties stand to gain and that is what binds them
to the contract. Finally, a contract must exist for a legal purpose. Courts do not consider
agreements whose primary intention is to commit a crime or to promote any activity that would
put the society in any form of danger. For instance, if a police officer provides a weapon to
robbers that they would use to rob a bank and give the officer some money in return, that kind of
TYPES OF CONTRACTS
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arrangement does not amount to a contract since the object is to commit a crime. It is essential to
note that contracts create legally enforceable obligations among parties. It is impossible for
business organizations to operate without contracts.
The Nature of contractual obligation
The primary purpose of contracts is to create legally enforceable rights and
responsibilities of various parties in a commercial environment. However, some factors make
contracts valid or invalid. In the claim of the existence of a contract, there are certain issues that
courts of law observe so that they may determine whether the alleged contract is legally
enforceable. Firstly, courts must determine whether there is an agreement among parties,
whether implied or explicit. Secondly, contracts must have considerations. Parties must have
something to gain from that kind of engagement. In the absence of consideration, it would be
incredibly impossible to prove the existence of a contract. Apart from consideration, the courts
must also determine whether there has been an intention to create a contract. Finally, for
contracts to be valid, they must be involving individuals with capacity to contract (Chireslstein,
2013). Certain issues affect capacity, and the courts always look out for them. The issues that
affect consideration include misrepresentation, undue influence, and duress among others.
Contracts are not as simple as they may appear. Several elements exist and it is necessary to
make sure that individuals or entities who may want to be involved in contracts use competent
professionals in creating the contracts. Contracts exist in different forms. The following is a
discussion of some of the most common types of contracts that parties use in their commercial
and other daily activities.
Types of contracts
TYPES OF CONTRACTS
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Contracts under seal
A contract under seal is one of the earlier types of contracts. Many terminologies have
been used to refer to contracts under seal. Names such as sealed contract, specialty, deed or
special contract are some of the names that have been used to refer to contracts under seal. The
term contract seal refers to those types of c...
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