Business Law: Offer and Acceptance Video
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- Date Submitted: 09/04/2011 02:54 PM
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Option 3: Contracts: Offer and Acceptance Video
Julie Garcia
Law/531
August 22, 2011
Angela Floyd
Contracts: Offer and Acceptance Video
Businesses are full of agreements made between individuals and other businesses. Although verbal agreements exist a formal contract provides better protection for both parties involved. Because formal contracts are legally binding, this formality serves as a safeguard for a business in a court of law. “Written contracts provide individuals and businesses with a legal documentation, stating the expectation of both parties and how negative situations will be resolved” (Vitez, Media 2011).
For the purpose of this assignment, option three, Contracts: Offer and Acceptance has been selected. Based on the implied terms of the contact verbally communicated in the video a contract will be created.
Contract
Seller: Non-Linear Pro
Item Purchased:
1each Non-Linear Pro
Special Terms and conditions
Training Included
Option to buy or lease
One-month trial bases, plus the cost of leasing the equipment
Issues
Although the seller, Jack Brannan convinces the customer into a one-month trail, the agreement has several gray areas. For instance, the seller of the Non-Linar Pro never answered the buyer’s question of how often the item needed to be upgraded or advised any fee’s or price point for upgrades.
The training included was not detailed. For instance, how many days or how many trainers will be provided at time of trial, purchase, or lease period. In addition, there was no talk or negotiations about future technical questions or maintenance for the Non-Linear Pro.
Although the buyer and seller agreed on the one-month trial bases, neither party discussed the cost of leasing the equipment. This is a major concern. The buyer and seller should have worked out pricing for both a lease and an outright purchase. This would have allowed the buyer to make a more economical choice.
Also Jack Branna...
Julie Garcia
Law/531
August 22, 2011
Angela Floyd
Contracts: Offer and Acceptance Video
Businesses are full of agreements made between individuals and other businesses. Although verbal agreements exist a formal contract provides better protection for both parties involved. Because formal contracts are legally binding, this formality serves as a safeguard for a business in a court of law. “Written contracts provide individuals and businesses with a legal documentation, stating the expectation of both parties and how negative situations will be resolved” (Vitez, Media 2011).
For the purpose of this assignment, option three, Contracts: Offer and Acceptance has been selected. Based on the implied terms of the contact verbally communicated in the video a contract will be created.
Contract
Seller: Non-Linear Pro
Item Purchased:
1each Non-Linear Pro
Special Terms and conditions
Training Included
Option to buy or lease
One-month trial bases, plus the cost of leasing the equipment
Issues
Although the seller, Jack Brannan convinces the customer into a one-month trail, the agreement has several gray areas. For instance, the seller of the Non-Linar Pro never answered the buyer’s question of how often the item needed to be upgraded or advised any fee’s or price point for upgrades.
The training included was not detailed. For instance, how many days or how many trainers will be provided at time of trial, purchase, or lease period. In addition, there was no talk or negotiations about future technical questions or maintenance for the Non-Linear Pro.
Although the buyer and seller agreed on the one-month trial bases, neither party discussed the cost of leasing the equipment. This is a major concern. The buyer and seller should have worked out pricing for both a lease and an outright purchase. This would have allowed the buyer to make a more economical choice.
Also Jack Branna...