Activity Type
Descriptive Essay –
Objective
Apply concepts related to contract law and contract creation (Unit 2 and 3 – CLO 3)
Description
Students will create a binding contract based on the conditions suggested by the instructor. Based on the contract students will write a descriptive essay explaining the elements and clauses in the contract.
Grading
Grading Rubric has been provided.
Instructions
Students will create a binding contract based on the situation provided. Students will then discuss the key elements of the contract and their understanding of the clauses in the contract in about 1000-1200 words. They should clearly address how and why they think their contract is legally binding for the contracting parties and how the clauses they have added in the contract help them meet in the conditions set out in the situation.
Note the contract students create using the following website should be submitted as an appendix to the assignment.
Resources
Use https://www.lawdepot.ca/contracts/groups/business/#.XzolhuhKhPY to create the contract template
Situations for the contract
Sample situations have been provided below:
Situation 1
You and your 2 friends want to start a partnership business. You will be the managing partner in the business and want to have all control on decision making. Also, you are concerned that since your friends will be acting like sleeping partners in the business, they may one day leave the business and take away confidential information with them. Further, you also want your business to get dissolved if any of the other partners do leave the business.
Situation 2
Use the negotiation and the deal you made in Unit 2 (Ugli Oranges) exercise and create an agreement for the same.