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Contract Law

Contracts The basics of contract law, starting with understanding common law contract principles and the law pertaining to sales contracts governed by Article Two of the Uniform Commercial Code. Focus on contract formation, performance and remedies and then upon financing of sales and leases, with a focus on consumer protection issues. By the end of your reading, youll realize that every day you are involved with contract transactions but you will also understand the underlying principles that relate to contracts in your industry. Explored the requirements of a contract in terms of offer and acceptance, consideration, and the defenses (capacity, mistake, undue influence, misrepresentation, fraud and duress, and the Statute of Frauds); Explore the concepts relating to performance of a contract and the remedies for non- performance; Explored concepts relating to third party rights in contracts, such as insurance contracts; Explored Article 9 of the Uniform Commercial Code relating to creation of security interests (pledges of collateral to secure a debt); and Explored other laws pertaining to credit transactions for individuals and businesses; Located samples of contracts and discuss important contract concepts as it relates to your understanding of the importance of contract law and financing of credit transactions in your own lives as well as from the viewpoint of a managers responsibilities for oversight of contract and credit transactions. Prepare an analysis of how contract law impacts decision-making and operations at Microsoft Corp. Procedure 1. Prepare your analysis that focuses on the following: ? A summary of what you learned about the law as it relates to contract law ? A case or situation that helps demonstrate the concepts listed above and your opinion on the application of the law to the case or situation ? Advice you would give to business managers about the area of contract law ? Supply If possible please use: Foundations of the Legal Environment of Business (text) chapters 10, 11, and 12.

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