Sample Business Law Essay Paper on Contracts

Contracts

The video gives an insight into various contract-related concepts. It highlights that express contractual terms are terms that the parties express they agree upon whether in an oral or written contact as well as implied contracts where it identifies two types; implied in fact and implied in law.  According to the video, implied in fact contracts are those where there are no written terms and are based on parties’ conduct and circumstances whereas implied in law contracts where no contract is agreed upon but there is an obligation to compensate for the benefits or services offered. It can also be learned from the video that unilateral contracts are different from bilateral contracts because unilateral is where only one party makes a promise, and bilateral is where both parties make a promise. An insight is given into the termination of an offer to a contract based on factors such as failure to abide by a specific provision, lapse of reasonable period of time, offeree’s rejection, counter-offer, revocation before acceptance, destruction of subject-matter before acceptance, offeror’s death or mental incapacity, and illegalization of contractual performance. Another concept learned in the video is the mailbox rule that states that the acceptance of an offer is effective as soon as the acceptance is sent, and it only applies to letters and deliveries.

The video gives detailed information on the subjects of contract terms, unilateral and bilateral contracts, termination of offers, and the mailbox rule while giving examples in each scenario, and as such, it enhances the viewers’ understanding of the subjects.

The topics explored in the video play an integral role in the process of forming and enforcing a contract because it is an obligation of parties to abide by or follow the terms outlined in each of the topics as seen in the video.