Week 3 Discussion – Contract Law:
- Imagine you are a senior manager in a U.S. manufacturing firm who procures component parts and services from various states. What is required for a valid contract and what part of a contract might put your company at risk if not sufficiently scrutinized prior to signing a contract?
- Explain contract formation and differences pursuant to common law versus the Uniform Commercial Code. Why is it important to distinguish and identify which applies in business?
- Research one breach of contract case involving two U.S. businesses within the last 2 years. Explain the facts of the case, the dispute, and the outcome if the case resolved. Post an article or another source to help explain the case and show your source for information.