Business law assignment 5
MANDATORY: Use the following outline for your EACH of your numbered answers:
Quote the Definition from the Textbook (with quotation marks and page reference);
Put the same thing in your own words;
Give an example (your own or from the textbook or another source you cite);
Provide a website that supports your answer and explain how the website helps you understand the Term you are defining (provide the website address).
- Persons who do not use this format risk earning a failing grade:
Assignment Questions:
(Definitions)
- Define EACH of the following Terms:
Legally enforceable
- Bilateral Contract
Express Contract
- UCC
Promissory Estoppel
Answers:
- Legally enforceable: According to the textbook, “A contract that satisfies all of the law’s requirements is said to be legally enforceable” (Miller & Jentz, 2010, p. 171).
In simpler terms, a legally enforceable contract is an agreement between two or more parties that is recognized by the law and can be enforced in court.
For example, if a person agrees to sell their car to another person for a certain amount of money, and they both sign a contract that includes all the necessary elements (offer, acceptance, consideration, etc.), then that contract is legally enforceable. If one of the parties breaches the contract, the other party can go to court to seek damages.
A website that supports this definition is Legal Dictionary by Farlex (https://legaldictionary.net/legal-enforceability/). This website explains that for a contract to be legally enforceable, it must meet certain requirements, such as mutual assent, capacity, consideration, and legality. It also provides examples of contracts that are not legally enforceable, such as contracts that violate public policy or involve illegal activities.
- Bilateral Contract: The textbook defines a bilateral contract as “a promise for a promise; a contract in which both parties exchange promises” (Miller & Jentz, 2010, p. 176).
In simpler terms, a bilateral contract is an agreement between two parties in which both parties promise to do something for the other.
For example, if a person promises to pay another person to paint their house, and the other person promises to paint the house in exchange for payment, then they have entered into a bilateral contract. Both parties have made a promise to the other, and both promises are enforceable.
A website that supports this definition is LegalMatch (https://www.legalmatch.com/law-library/article/bilateral-contract-lawyers.html). This website explains that in a bilateral contract, each party is both a promisor (making a promise) and a promisee (receiving a promise). It also provides examples of bilateral contracts, such as employment contracts and sale contracts.
- Express Contract: According to the textbook, “An express contract is one in which the terms are fully and explicitly stated in words, oral or written” (Miller & Jentz, 2010, p. 176).
In simpler terms, an express contract is an agreement between two parties in which the terms are clearly stated, either in writing or verbally.
For example, if a person agrees to buy a car from another person for a certain price, and they both sign a contract that includes all the details of the transaction, then they have entered into an express contract. The terms of the agreement are clearly stated in writing and both parties have agreed to them.
A website that supports this definition is Legal Dictionary by Farlex (https://legaldictionary.net/express-contract/). This website explains that express contracts can be written or oral, but it is usually better to have them in writing to avoid disputes over the terms. It also provides examples of express contracts, such as rental agreements and service contracts.
- UCC: The textbook defines UCC as “a comprehensive statutory scheme that includes laws that cover aspects of commercial transactions” (Miller & Jentz, 2010, p. 183).
In simpler terms, UCC (Uniform Commercial Code) is a set of laws that govern commercial transactions, such as the sale of goods, leases, and secured transactions.
For example, if a company buys raw materials from another company, the transaction would be governed by the UCC. The UCC provides rules and guidelines for how the transaction should be conducted, including issues related to payment, delivery, warranties, and other terms.
