Contracts are the heart and soul of commercial transactions. In this unit, you will explore the different types of
contracts that bind parties together in business dealings. It is highly recommended that you review contracts
that you have signed recently—a lease, an employment agreement, an extended warranty—to examine not
only the language but also the scope of these agreements. You may wish to pay close attention to language in
a contract that you have signed that outlines specifically how disagreements will be resolved, and the penalties
that adhere to either party for breach of the contract.
OBJECTIVES
To successfully complete this learning unit, you will be expected to:
- Evaluate the concepts of contractual performance, breach, and remedies.
- Explain the function and articulate the definition of contract law.
- Discern between different types of contracts, and identify the elements of a contract.