Consider a situation in which you or someone you know engaged in a written or oral contract. Using the essential elements of an enforceable contract, provide a basic analysis of whether a contract exists. Are there any defenses or a breach issue? If the answer to the latter question is yes, discuss options under the contact considering the potential of "substantial performance" and "inferior performance" along with potential remedies for the non-breaching party. Write a three to five (3-5) page paper on this instance applying the principles of contract law discussed in the course. You must research the subject-matter of your essay and provide at least two (2) outside sources (your textbook counts as one) to support your writing. This paper is due November 15th. It must be turned in your assignment folder by midnight EST. Use the following guidelines to format your paper:

• Title Page
o Topic of the Paper
o Student Name
o Name of the Course
o Instructor's Name
o Date Due

• Introduction
o Describe the issue/topic area.
o Define and describe any specific position(s) taken in this paper.
o Provide an overview of the scope of what will be addressed in the paper.

• Analysis

o Discuss the necessary elements of a contract including 1) agreement (offer and acceptance); 2) consideration; 3)contractual capacity (minor and lack of sanity); and 4)lawful object. (See Business Law and the Legal Environment Chapter 9: The Agreement,Business Law and the Legal Environment Chapter 10: Real Assent, and Business Law and the Legal Environment Chapter 11: Consideration). I would have one paragraph focusing on whether the contract contains the appropriate offer, acceptance, and consideration. Cite the relevant law, then use your facts to demonstrate whether that legal element does and does not exist.
o If a defense does exist, discuss it here. If no offenses exist, simply tell me the reader this.(See additional instructions below)
o Discuss the differences between "Substantial Performance" and "Inferior Performance" breach and whether breach pertains to your factual situation.
o Consider the rights of the non-breaching party if applicable. If this contract is without defenses and has been executed (complete), this is where you would let me know this.
o Explain the options the non-breaching party may have (deduct cost of remedy, recover costs, rescind contract, consequential damages, etc.)
o At what point in the process would one be best advised to seek legal counsel?
o This section must reflect an analysis and understanding of contract law.

• Conclusion

o The discussion must be constructive and reflect the main points of your analysis.

• Reference Page

o List your references using the APA style.
o Include at least two references. One may be the Textbook.

• Format

o Write your paper using APA style.
o This paper must be at least three pages in length (not including the title page and reference page)
Please consider these additional guidelines for organizational purposes when addressing whether an actual contract exists:

In the analysis of your contract answer:

1. Does the contract meet the necessary elements of offer, acceptance and consideration--state the law and then demonstrate whether your contract has a valid offer, acceptance and consideration.

2. Do you have capacity and does the contract deal with a lawful object? Explain.

3. Was this an executed (completed) contract or was the contract breached in any way? Explain.

4. If the contract was breached, do substantial or inferior performance apply? If there is no breach, you will state this.

5. Any remedies (if relevant).

Please see the attached sample for more information. Report Sample

I will be happy to look at rough drafts (e-mailed to me) before you submit your final draft in your assignments folder. I must receive all rough drafts by the Saturday the 14th at midnight.

As stated above, your textbook is fine, but should not be the only source you rely on. When it comes to preparing for your project, you need to consider using scholarly sources and not simply relying on information found on websites. For example, while Wikipedia is a frequently used source of information, it has one LARGE flaw: the information contained in Wikipedia is open to editing by anyone. No one is judging the validity of the information. In other words, you do not know whether the information is correct or not. I suggest you do the following: first, look at the references that are listed in the Wikipedia subject. What you should look for are independent research or scholarly articles, which document and explore the topic. When you research those sources, they will list other sources; read those sources as well. What you should be looking for are articles or research that collectively present a variety of positions. When you are finished with your research, I want you to take a position for your papers and strengthen your opinion by using the research that supports those arguments.

If you have trouble knowing where in the library to look for these sources or how to find appropriate sources, do not hesitate to contact me. If you have any questions about references that you want to use, again shoot me an e-mail. One of my goals for this class is that you learn to examine various points of view and be able to synthesize the information for your use and benefit.