Rasmussen College Week 4 Sole Proprietorship Business Contract Paper After your negotiation and transaction with Mr. Barker, you start to realize that this

Rasmussen College Week 4 Sole Proprietorship Business Contract Paper After your negotiation and transaction with Mr. Barker, you start to realize that this could be a lucrative business. Your mother has been bugging you for months to get rid of all of the other children’s meal toys that you collected over the years. With your estimate, you probably have over $10,000 worth of toys.For this part of the project, you will be starting your own business selling the children’s meals toys. At this point in time, you are the only one running the business, and you will not have any employees. If you were to structure a business based on the facts of this situation, which would you choose and why is that the best fit? At this point in time, you are the only one running the business and you will not have any employees.Your paper should be 1-2 pages in length, double-spaced, and properly APA formatted. When Business Law I
Course Project
Contract Issues and Worksheet
Below you will find a chart that is missing information. By filling in this chart, you are starting to build
the foundation for your written contract. Fill in the missing information as complete as possible (for
items such as addresses and description of the items, you can create that information).
Party names
Date of the contract formation
Addresses of the parties
Description of the items being purchased
Date of delivery of the items
Date and expected form of payment
Agreed upon price
Keisha and Bob
13th October
Keisha Address
12 gulf st, Tampa FL 33589
Bob’s Address
29 Mangal st , Tampa FL 33587
The items being purchased are toys.
The items are in excellent shape
The toys will be purchased as a collection
17th October
17th October
$710.00
1. Other than the items listed above in the chart, what else needs to be present for this to be a
valid, written contract?
Four elements of valid contracts have been established in the chart as well as in the case study. The first
element met will be an offer, which was in the form of a price point, that is, $710. The offer was
accepted further meeting the second element. The third element, consideration, has been met since
Bob promised to pay $710 in exchange for the collection of toys which he will obtain from me. The
fourth element will be mutual consent since the parties involved mutually agreed to meet on 17th
October. For a valid contract, competence will also have to be met or be present since this element
focuses on one’s ability to enter into a contract. Hence, Bob has to be at least 18 years old and has to be
mentally competent to enter into a valid contract. The agreement will also have to focus on an activity
that is considered to be legal. Furthermore, the contract needs to be in writing for it to be considered
enforceable (Collins, 2003).
2. Why does this contract need to be in writing?
As established above, one element of a contract will focus on a written contract. This contract needs to
be in writing since it revolves around a business transaction where one party will pay the other for
product on sale. Furthermore, the contract should be in writing if the payment of the toys will be made
in instalments due to the high price set for the toys. Hence a written agreement will be preferable if the
performance will not be completed a year, after the signing of the contract (Collins, 2003).
3. Reflecting upon the negotiation at the restaurant, what would you have done differently?
Would you have offered the lower price of $700.00? Why or why not?
I would not have lowered the price to $700. One important aspect when it comes to negotiation will
focus on rushing. Negotiations should not be rushed. Hence, if I had agreed on such a price, I would be
rushing, which would not be the right approach. Furthermore, as provided in the case study, Bob
showed a willingness to purchase the toys. Hence, increasing his offer by $10 would be of benefit to me
since the information provided by Bob showed that only I owned the collection of toys.
References
Collins, H. (2003). The law of contract. Cambridge University Press.
Peel, E., & Treitel, G. H. (2007). The law of contract (pp. 1-2). London: Sweet & Maxwell.
Running Head: BUSINESS CONTRACT
1
Business Contract
Rasmussen Collage
5/26/2019
BUSINESS CONTRACT
2
PURCHASE AGREEMENT
THIS AGREEMENT WILL LEGALLY BIND THE SELLER AS WELL AS THE
PURCHASER
The contract of sale and purchase will be made in two copies, and the contract will be
effective 13th of October 2019. The parties to the agreement are:
SELLER:
Keisha is a mentally competent individual living in the
following address:
12 gulf St, Tampa FL 3589
AND
BUYER:
Bob is a mentally competent individual living in the following
address:
29 Mangal St, Tampa FL 33587
DEFINITIONS AND INTERPRETATIONS
Appraisal: The act of evaluating if a particular item has any defects or not
Natural disaster: Earthquakes, floods, hurricanes and so on
The agreement has been settled as follows:
SUBJECT MATTER
The buyer has agreed to buy a collection of toys from the seller. The seller has decided to sell
the collection of toys to the buyer.
PAYMENT STIPULATIONS
The agreed price for the collection of the toys is seven hundred and ten dollars ($710). Both
the seller and the buyer have mutually decided that the mode of payment for the purchase will
be cash.
DESCRIPTION OF THE GOODS TO BE PURCHASED
The toys which are on sale are made from porcelain. The rare toy collection was produced in
1999 in Arizona. The number of toys in the collection is ten (10).
BUSINESS CONTRACT
3
TERMS OF A CONTRACT
i.
If the buyer refuses to pay the agreed price of the good which is $710, or the seller
fails to produce the good during the purchase, the buyer or the seller will be entitled to
damages.
ii.
The contract will be enforced on the 13th of October 2019. Furthermore, the
agreement will only be applicable on the specified date.
LIMITATION OF LIABILITY
i.
The appraisal of goods will be carried out on the 13th of October 2019. The buyer
will be at liberty to check if the toys meet his standards and to check if there are any
defects present in the toys.
ii.
If the appraisal of the goods shows that the collection bear no defects, and defects are
incurred or found on the toys following the purchase, the seller will not be liable for
them.
DISPUTE CLAUSE
If a dispute arises between the seller and buyer, the alternative dispute resolution method
which shall be employed as per this agreement will be mediation.
FORCE MAJEURE CLAUSE
If the goods are destroyed following a natural disaster or a weather disturbance, the seller
cannot be held liable for the damages and will be relieved from carrying out the contractual
obligations provided in this contract.
BUYER
SELLER

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