Posted: December 11th, 2014

business commercial law assignment

business commercial law assignment

The Assignment:
Find a written contract that you are a party to (either now or in the past). Some good examples are: a cell phone agreement, a lease, an insurance policy, a cable service contract, an employment contract, a gym membership, a scholarship, or a parking permit.

Second, read the contract in its entirety.

complete the Assignment Sheet by answering the questions about the contract you have selected.

Section 1 (5 points): The Nature of the Contract – Briefly describe the type of contract you have selected and the purpose of this agreement.

Section 2: The Parties

Identify the parties who are/were part of this agreement:

Which party was the offeror and which was the offeree? How did the offer take place? Explain your answer.

Section 3: The Obligations of the Parties

Describe the primary duties of one of the parties to the contract. That is, what are they required to do in order to meet their obligations under the agreement?

Now, describe the primary duties of the other party to the contract. What are they required to do in order to meet their obligations?

Section 4: Provisions

Notice Provisions : Identify and summarize any contract language regarding requirements and procedures for notifying each other of potential claims under the contract.

Arbitration Clause : Does your agreement contain language whereby the parties have agreed to arbitrate any claims between them? If so, summarize the terms.

Forum Selection/Jurisdiction : Does your agreement specify a state law that will apply to the contract? If so, what state? Describe.

Termination : When does the agreement terminate? Is there any language that gives either party a right to terminate before that date? If so, summarize the terms.

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