Components

Contract Law CI

Contracts No. 1: Judge for yourself - A critical incident regarding contract formation, conditions, performance, and breach

Amy Bryson Smith, Belmont University
January 19, 2021
SKU:
BUS-007308
Region: 
North America
Topic: 
Ethics & Social Justice
Length: 
3 pages
Keywords: 
contract, contract law, contract conditions, breach of contract
Student Price: 
$4.00 (€3.3)
Average rating: 
0

The law provides an opportunity for people to craft the rules that control their relationships— business or otherwise. This is the essence of contract law. Once a contract has been formed, it is generally accomplished without the aid of the court as most feel a moral, if not legal, obligation to perform. What happens when the agreement is not in writing, but based on trust, past practices, and general rules in the applicable business? Is a valid contract formed? Are the parties bound? Or, are they able to walk away?  This incident is based upon an actual lawsuit. The dispute arose when a law firm hired a lawyer, but failed to pay a commission to the placement service that allegedly introduced the lawyer to the law firm. In this incident students will assess the elements of contract formation, conditions to the formation of a contract, and breaches.

Learning Outcomes: 
  1. Analyze and summarize the types of contracts that exist, including the elements of a contract
  2. Identify and explain conditions to a contract and distinguish between conditions precedent, conditions subsequent and concurrent conditions
  3. Recognize and describe a breach of contract
  4. Explore the important differences between express and implied contracts