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2 pages/≈550 words
2 Sources
Business & Marketing
English (U.S.)
MS Word
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business law: Contracts are defined as agreements (Essay Sample)

Instructions: Please address each of the three fact patterns. Discuss any possible causes of action as well as relevant defenses. Only discuss relevant issues! I am not as interested in your outcome (who will end up winning) as I am in how you use the law to support your points. Base your answer only on facts given. 1. Rocky, a fifteen year old, has run out of money while on a trip away from home. Jack gives him food, a place to sleep, and his bus fare home, in exchange for Rocky's promise in writing to pay Jack $200 to cover these costs. Is Rocky's promise enforceable? 2. Sonny, an inexperienced businessman, bought equipment and chinchillas from Division West Chinchilla in order to start a chinchilla ranch. Sonny got into the business because Division West told him that the chinchilla ranching was “an easy undertaking and no special skills were required.” Sonny lost money operating the ranch. He sued, claiming fraud. Result? 3. Flinstone was summoned to his employer's office and was told he could resign or be fired. If he resigned and signed a letter releasing the employer from any claims he might have against him, he would get outplacement counseling and $5000 in addition to his severance pay. Flinstone resigned and signed the release. He later requested and received moving expenses. Flinstone later sued for wrongful termination. The employer argued his suit was barred by the release. Flinstone argued the release should be set aside on the ground of economic duress. Result? source..
Business Law.
Contracts form an essential part of any transaction. They guide any working relationship by spelling out the roles and responsibility of each party. This paper analyses the aspects of contracts through three case studies. What forms can a contract take? Under what circumstances can a contract be terminated? Specifically, when do we consider economic duress as a factor that leads to the termination of contracts? The paper also discusses the element of fraud and when one can be considered to have acted fraudulently.
Contracts are defined as agreements entered by two or more parties that create a legal obligation. They may be in writing or can be made orally. As long as both parties consent to the terms of the contract, then it comes into existence and the parties are bound by the terms of the contract.
Looking at the agreement between Jack and Rocky, it qualifies to be a contract. Rocky, a fifteen year old, ran out of money while on a trip. Jack gave him food, accommodation and his bus fare home. Rocky promised in writing to pay Jack $200 to cover the costs. This agreement is enforceable since it has the characteristics of a contract. If there is mutual assent by both parties then it is considered a contract. In this case, both partie...
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