iBusiness 110 Nature of Traditional and E-Contracts

A contract is an agreement that is enforceable by a court of law or equity that is the definition in the text. It is also defined by the Restatement of Contracts and their definition is, “A contract is a promise or a set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty. There are two parties to a contract the first which is an offeror it is when the person makes the offer and the offeree is the one who accepts the offer therefore a contract will be created. An example of a contract would be if I try to open a phone line with Verizon and they give me a good deal to a contract is it is up to me whether I accept the offer them then the contract will be created, Verizon was the offeror and I was the offeree. There are four requirements for a contract to be enforceable they are highly important. The first one is agreement which is when it requires an offer by the offeror and an acceptance of the offer by the offeree must be met.The second one is consideration and that is a promise which must be supported by a bargained for consideration that is legally sufficient in better words that is money, real property and so on those serve as examples that pass as consideration and those are very important I think. The third is contractual capacity which is to form a binding contract although insane and minors do not have this. The fourth is lawful object it is clearly defined as the object of the contract that must be lawful; it has to be legitimate so it can go through. Those are the four requirements for the contract to pass. As a consumer a contract is super important because it is the paper that I will be signing and it means that I will be agreeing to all the terms and conditions to the contract once I sign it I am agreeing and just in case something goes wrong that is why there is a contract that we can look back into. These rules are important because they are what make Contracts are important in every type of situations especially if we are talking about a business situation it gives it stability and assurance of any type of future income, nothings stops the business because it protects it and allows it to grow. I find that contracts are everywhere even in little things like if you are using your phone's wifi and you are at McDonald's which they provide At&t wifi and you have to agree to their terms to use their public wifi. This type of rule in the wifi situation protects by blocking you from abusing their rights to open up the wifi to the public. It hink we have these rules to help us feel stable like mentioned above.A business is impacted by these rules in many ways if a business doesn't sign a contract it can be affected and maybe closed down because it didn't have a paper that gave it assurance. If i was writing these rules i wouldn't change anything because i think a contract is important and without it there would be so many problems and i like to feel secure. In the sources of contract law that there is in the United States those are, common law of contracts , the uniform commercial code followed by the Restatement of Contracts which this law is preferred by major lawyers it serves them as guidance. Common law of contracts is one of the major sources that were developed from early court decisions that became a model for future decisions. An example of a common law would be if a child lost their parents then the child would be adopted by a couple, these laws applies to contracts made by the federal government. The law is a very important law this Uniform Commercial Code is a law that was