Classifications of Contracts

Write your reflection on Contracts – See below

REFLECTIVE PAPER RUBRIC

Assessment Criteria Exceeds Expectations

5

Meets Expectations

4 3

Does Not Meet Expectations

2 1

Did not Do
0
Application of Reflective Process Clear evidence that the author fully engaged in the reflective process with all 4 of the parts included.

· Describe

· Analyze

· Reflect

· Act

Some evidence that the author engaged in the reflective process. Only 2 or 3 of the parts of reflective practice are included. Little or no evidence that the author fully engaged in the reflective process including: Missing
Presentation demonstrates insight relevance of content to professional practice and critical thought. There is some evidence of insight into the topic but there is little relationship to professional practice The evidence of reflective practice which is provided is limited to only descriptive approach to issue related to the experiences and/or literature. Missing
Quality of Writing Entries are consistently of outstanding quality. Flawless presentation. Entries are consistently of good quality. Minimal spelling, grammatical, and/or punctuation errors. Entries are consistently of poor quality. The frequency of spelling, grammatical, and/or punctuation errors is distracting to the reader. Missing
Overall Effort Written work clearly demonstrates exemplary effort. Responses consistently show initiative, creativity, and original thought. Written work demonstrates adequate effort. Responses are consistently complete, thorough, and reflect original thought. Written work demonstrates little effort. Responses are consistently incomplete, shallow, and/or submitted late. Missing
APA Format All parts of the reflective journal follow APA format requirements. Most parts of the Case Analysis follow APA format requirements. Some parts of the reflective journal follow APA format requirements. Missing

Classifications of Contracts

Formation

1. Bilateral contact – A promise for a promise.

2. Unilateral contract – A promise for an act.

3. Express contract – A contract expressed in oral or written words.

4. Implied-in-fact contract – A contract inferred from the conduct of the parties.

5. Implied-in-fact contract (quasi contract) – A contract implied by law to prevent unjust enrichment.

6. Formal contract – A contract that requires a special from or method of creation

7. Informal contract – A contract that requires no special form or method of creation.

Enforceability

1. Valid contract – A contract that meets all the essential elements of establishing a contract.

2. Void contract – No contract exist.

3. Voidable contract – A contract in which at least one party has the option of voiding the contract.

Assignment:

4. Unenforceable contract – A contract that cannot be enforced because of a legal defense.

Performance

1. Executed contract – A contract that is fully performed on both sides.

2. Executory contract – A contract that is not fully performed by one or both parties

What I have prepared so far.

Business Law

January 8, 2018

Reflection Paper 1

Reflection Paper

Consider what would happen if contracts and agreements were not enforceable by law (meaning, what would happen if it was up to each person’s good faith to fulfill agreed upon obligations?)

Fifteen years ago I attempted to purchase a car from a friend, she was selling it at $1500 in good faith. I have been friends with this young lady for around 10 years so I kept trust in her that she was selling a car in good condition. She explained herself that she needed money to pay a bill she had not cleared before.

I took a step and visited her in Washington DC to have a look at the vehicle she was willing to sell and have a conversation about the car condition. I told her before I commit myself to purchase your vehicle first I have to take the car to the nearest mechanic to have the car inspected. She referred me to her local mechanic and an appointment was granted to me to have that car checked out.

While at the mechanics I discovered actually the car needed more work as compared to what she originally expressed to me before since the car needed a new battery, wheel alignment/balancing, coolant, and anti-freeze. Before agreeing with the mechanic to fix the issues discovered I spoke with my friend telling her that I would purchase the car if only she agrees I take off the repair cost from the original $1500 purchase price. She agreed and I instructed the mechanic to service the vehicle and later drove home to NJ from Washington DC. This reduced the purchase price of the car to $1350, however, there was no written contract to stand for this transaction.

Two weeks later the car broke down while I was driving on the highway. These made me pay for the car to be towed and serviced by my mechanic. It came to my discovery that the transmission and alternator were faulty and having me repair them would cost me more than the car price. I decided to contact her and discuss the issues, unfortunately, she didn’t pick my phone calls. Since I had no formal contract with her about the transaction I could not sue her for the repairs I sponsored for the car to move again.

Actually, there are two lessons to learn from this transaction. First, never ever buy a car without a contract that states terms, conditions and future liability where major event repairs are needed. The second lesson to learn is that friends and business don’t match at all. It saddens me, for instance, our friendship was totally ruined over this business transaction, making her integrity fade from me and never to trust her again. Since there is no formal contract I had no power to sue her in the name of the repairs I sponsored in order for the car to move again. In conclusion, this was an expressed oral/voided and executory contract that was not enforceable.

Reflect upon at least one personal experience where you either negotiated or entered into a contract.

Three years ago I made a decision to purchase a brand new Honda Accord. Since buying a car is expressed as a big ticket item I had to spend 3 weeks doing my research on the best car brand before I could choose the best dealer to engage with. First, I had to research for the best price from a dealer next to my home. After comparing prices I visited Honda Phillipsburg Dealership. On my immediate entry to the dealer firm, I was greeted by a salesman who made company with me and showed me floor models of Honda Accords available in the showroom. After viewing the inventory, I selected a red Honda Accord LX. This Honda model was then fully loaded and we took a ride on the road and it responded well to my expectation.

The salesman and I took a sit and we discuss the financial obligations associated with such a large purchase. My major concerns were the terms and monthly payments to be paid. The contract terms of the contract stipulated that the terms were 72 months for $520 a month due to the fact that I only had $1500 as a down payment and a trade in value of 4000. I was not favored by the stated terms because I knew that I could only afford a maximum of $450 a month. Once he reviewed my credit rating, we were able to negotiate a better price.

The salesman and I negotiated and agreed upon a price of $450 a month for 72 months. Since entering into a legal binding contract that I couldn’t afford would have damaged my credit rating which would be inconvenient. It is of great concern that when entering into a contract you should understand the terms and conditions. Understanding the terms and conditions helps you understand your financial obligation.

Having understood the terms and conditions and signing of the agreement to pay $520 over 72 months would make me liable to pay an amount of money I knew I could not afford. By breaking the set terms of the agreement could lead to having my vehicle repossessed, garnishment of my wages and a drop in my credit score. After negotiating the lower price and signing a formal contract, I feel proud to own of a red Honda Accord. In my view having a formal contract was the best way to handle this transaction and I was confident that I would be able to handle the payments and not default on my payments. I am still driving the Honda Accord and when my term comes to an end I will return to Honda Phillipsburg to purchase another vehicle. This is a prime example of a bi-lateral valid contract that was fully executed.

 

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