Reference no: EM133518248

The lecture covered the contractual formation process and the elements necessary to create a legally enforceable contract. Consider a time you entered into a contract. This can be an instant contract, such as buying an item at a store or online; a more involved contract, such as entering into a phone or internet agreement, or a complex contract, such as buying a house, leasing an apartment, or entering into a contract to attend college.

1. Discuss the type of contract you entered and what it covered, and identify the contractual elements of the contract you entered. Specifically, explain the offer, acceptance, and consideration.

2. Explain if and why the contract met the requirements for mutual assent, capacity, and legality.

3. Summarize whether the contract was executed as agreed to - did both parties uphold their legal obligations under the contract or did the parties fall short of meeting those obligations.

4. Explain your thought process as you entered into this contract. Did you realize you were entering into a contract at the time? If applicable, did you read all the terms of the contract, and/or did you understand all your legal responsibilities?