Creating a rough draft of a contract
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 to 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 | Robert Barker (Buyer) and Seller d |
| Date of the contract formation | October 13, 2017 |
| Addresses of the parties | Buyer- 350 Fifth Avenue, New York, NY 10118 Seller- 336 Seventh Avenue, New York, NY 10118 |
| Description of the items being purchased | Unique Toy Collection |
| Date of delivery of the items | October 17, 2017 |
| Date and expected form of payment | October 17, 2017, cash payment ONLY, mainly smaller bills. |
| Agreed upon price | $710.00 |
Other than the items listed above in the chart, what else needs to be present for this to be a valid, written contract?
Meets all legal requirements.
Capacity.
Locations of where the items will be delivered.
Contract and agreement.
The contract must be evidenced by signed writing.
Why does this contract need to be in writing?
This agreement requires the need to be in writing because it consists of the sale of goods valued at above $500. The law on statute of frauds stipulates that contracts regarding the sale of goods above $500 must be in written form and contain the signature of parties to be considered valid. This is a guarantee that contract fraud is not committed by having a written agreement.
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 done anything differently reflecting back on the negotiation at the restaurant. The merchandise was ultimately sold at $710 which is more than $700. Furthermore, sales of goods agreements can have a sequence of acceptances and offers. The bottom line is I needed the money. In the end I sold the items more than my goal price of $700.00.
