Contracts: Business Law Analysis

Classify the type of contract indicated at the URL

The contract that has been depicted in the URL link is a one of contract. The contents of the contract depict that the contract is an agreement for the trading of goods and services between the buyer and the seller. The characteristics of one of contracts are that they are made to satisfy a specific need which may arise one off. These contracts are valid for a short period of time, which is usually until the requirements of the parties involved are met.

The supply contract depicted is a one of contract as it is drawn up for the sale and shipment of products from the seller to the buyer. The contract is valid until the buyer gets the products bought and confirmed his approval about their state of delivery while the seller is held in warranty for the goods and their damage during shipping and transportation to the buyer.

Identify if the contract is subject to the UCC.

Oral sales contracts are not subject to the UCC. However as this contract is written it is subject to the UCC. Furthermore, right now its not evident whether the sale contact is between an international party and a US party. If this is the case then under the UCC principles, the contract is exempt from UCC.

Identify if the elements of a contract are present (or not)

The elements of a contract pertain to an offer, an acceptance of the offer, legal objective and purpose, mutual obligation, consideration and competent parties. The elements of the contract that are included and omitted in the contract depicted in the URL are as follows:

  • The offer is present in the contract.
  • The acceptance is not apparent but in the content of the contract, the acceptance is started. With the signature of the two parties, the acceptance can be confirmed
  • The purpose of the contract is stated at the top of the contract as ‘Contract for Sale of Goods’. A detailed purpose is states in the fist 2 paragraphs.
  • The mutuality of obligation is to be confirmed after the names of the parties and the signatures of the two parties have been penned. The contract has the characteristic of defining the obligations of both the parties in the contract.
  • The consideration has been spelled out in terms of the monetary funds that need to be paid by the buyer to the seller and the warranty that is the responsibility of the seller till the goods reach the buyer. No figures are stated in the contract.
  • There is room left for competent parties who can enter into an agreement using this contracts

Suggest improvements

In order to improve the contract and make it more comprehensive, it needs to be customized according to requirements of the two parties. The monetary funds payable by the buyer to the seller should be stated on the document and the indemnity to the buyer should be highlighted as to in which circumstances it is valid. The warranty proposed by the seller also needs to be quantified. Aside from this a witness signature field should also be added.

Find two other online sites that offer free contracts and indicate the sources

Other sites that offer free contracts are listed below

  1. The ‘Lectric Law Library’s Business & General Legal Forms Link: http://www.lectlaw.com/formb.htm
  2. Legaldocs: Legal Documents Online Links: https://www.legaldocs.com/

What problems could a business person have if she uses this type of free contract without first consulting a lawyer?

A free contract is not necessary free of errors as well. Therefore it is important for the parties involved to consult a lawyer and have them go over the contract for verification. The reason is because the parties involved often cannot understand how complete the elements of the contract are depicted in the contract and if there are any loop holes Moreover some necessary causes can be left out in the free orders available online.

A professional lawyer knows the difference between a good comprehensive contract and one with loop holes which make it possible for some parties to base fraudulent activities and illegal claims upon. Therefore in order to protect oneself and the business, it is important to have a professional contract lawyer go over the contracts.

References

Contract for Sale of Goods. Web.

The ‘Lectric Law Library’s Business & General Legal Forms. Web.

Legaldocs: Legal Documents Online. Web.