business law

Watch the following videos, read the article, and answer the questions that follow:

Capacity (Links to an external site.)

Contracts: What is Consideration? (Links to an external site.)

9. Contracts: Consideration (Links to an external site.)

Read the article:  Bitter family feud pits multimillionaire landlord against his children (Links to an external site.)

Article in Word format:  Bitter family feud pits multimillionaire landlord against his children.docx

Actions

1)  The 5 elements of a contract are:

i)

ii)

iii)

iv)

v)

2)  According to the video “Capacity”,  what are the three primary types of incompetent people?

i)

ii)

iii)

3)  According to the video “Capacity”, what is the difference between “restoration” (minor contracts) and “restitution”?

4)  According to the video “Contracts: What is a contract?”, an easy way to understand consideration, is that each party has to _______________  _______________  and _______________  _______________  ” .

5)  According to the video “Contracts: What is a contract?”, “the amount of consideration in the United States usually  _______________  _______________  _______________.”

6)  According to the video “9. Contracts: Consideration”,  “The requirement of consideration functions to distinguish  ________________  meaning a legally enforceable promise, from a promise to make a  _______________  sometimes called a  _______________  promise.

7)  According to the video “9. Contracts: Consideration”,  “In almost all commercial transactions,  _______________ is not an issue.

8)  According to the video “9. Contracts: Consideration”,  “Where any benefit to the promisor is non-economic… a court will _______________  the transaction more closely…”

9)  In the article, “Bitter family feud pits multimillionaire landlord against his children

Actions“, assuming a marriage and a Power of Attorney (POA) are both forms of an agreement, or contract, what determination is critical in deciding whether either will be nullified, or VOIDED, as they pertain to Mr. Overtveld ?

10)  Do you believe Overtveld, or his children, should win the case?  Explain why.

another assignment

Law 1 – Assignment 1

Drafting a Legal Business Contract for the Purchase and Sale of Property

Law 1, Assignment 1 – Contracts.docx

Format: Your assignment should be typewritten with your name and class section number at the top. Upload as a PDF, WORD or TXT file.

Use the SAMPLES of Contracts Clause Provisions and Contracts for the Sale of Goods (Word document) attached with this assignment, or you may perform internet searches to find the correct contract language to compose the contract.

SAMPLES of Contracts Clause Provisions and Contracts for the Sale of Goods.docx