Contracts in Commercial Transactions


Overview/Description
Target Audience
Expected Duration
Lesson Objectives
Course Number



Overview/Description
Contracts permeate business, whether it is a sale to a customer, the hiring of a new employee, the acquisition of a new company, or countless other formal and informal business practices. This course introduces the laws, which determine whether such agreements are legally binding and enforceable by the courts. To begin, this course explains the legal requirements for contracts and their different legal classifications. In order to make effective business decisions, managers must clearly understand when they are forming an enforceable contract and when they are not. This course presents strategies for making an offer, successfully negotiating, and designing contracts that protect the rights of the organization, customer, and other interested parties. Finally, this course explains the legal implications of breach of contract and presents strategies that proactively protect an organization's interests when entering into contractual agreements.

Target Audience
This course is designed for all managers who conduct business transactions and make agreements with employees, customers, and other businesses.

Expected Duration (hours)
4.0

Lesson Objectives

What Is a Contract?

  • identify the benefits of recognizing what legally constitutes a contract.
  • match the elements, which form a legally enforceable contract with business examples that demonstrate each.
  • using the elements that form a legally enforceable contract, determine whether a hypothetical commercial contract is legally enforceable in a given situation.
  • select business practices that apply effective management strategies for forming a binding agreement that protects and serves an organization's interests in a given scenario.
  • label hypothetical contract negotiation activities with the legal infraction they best represent.
  • identify the provisions of the UCC regarding the formation of a legally binding contract.
  • identify hypothetical business transactions that are governed by Article 2 of the Uniform Commercial Code.
  • Contract Negotiations

  • identify the benefits of adhering to legal guidelines during the contract formation process.
  • match negotiation practices with business examples that typify good faith and fair dealing in the contract formation process.
  • choose business strategies for making offers that accomplish an organization's goals, given the needs of a specific situation.
  • choose business strategies for accepting offers that accomplish an organization's goals given the needs of a specific situation.
  • identify business situations when a contract may cease to be enforceable under the law.
  • identify legal strategies for modifying contracts.
  • Settling Contract Disputes

  • identify the benefits of having a working knowledge of the legal process for resolving contractual disputes.
  • match hypothetical business practices to the rules for contractual discharge that they best represent.
  • identify aspects of a hypothetical commercial transaction that prove detrimental reliance.
  • match business activities with the strategies for proactively protecting an organization's interests when entering into a hypothetical contractual agreement.
  • Course Number:
    LAW0102