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Scenario 1: Contracts Find a contract, such as one you have signed, obtained from a business or...

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Operations Management

Scenario 1: Contracts

Find a contract, such as one you have signed, obtained from abusiness or friend or one you find online. Suggestions include:

  • Rental Contracts
  • Mortgages
  • Sale or Lease of Automobiles
  • Student Loan
  • Employer Non-Compete
  • Confidentiality/Nondisclosure Agreement
  • Cell Phone
  • Terms & Conditions for use of Internet website.

Identify and explain the four elements of agreement,consideration, capacity and legality. Is the contract missing anyelements? Summarize the arbitration clause, if present.  

Answer & Explanation Solved by verified expert
4.0 Ratings (423 Votes)
answer There is rental lease agreement that i find online The four elements that are present in the agreement are Offer is the first element Under contract law Offer is a promise made by one party to another to enter into the contract so that they can create legally binding agreement as soon as it is accepted by the person to whom it is addressedIn this lease agreement The Landlord offer to lease his property to Renter Acceptance is the second element which state that renter to whom the promise to lease the contract made will accept the offer by filling information and sign the contract for example if I sign this contract i find online then i accept this agreement Consideration is the third element which state the price involved in the agreement In this agreement Renter has to pay rent in the amount of XXXX00 on or before the first day of every month to the landlord Legality element means the contract made is legal and does not violate any law or made to do any illegal act The agreement has this agreement which is formed based on state law and formed to lease the property for rent There is capacity element missing which means there should be clause which state that agreement should be made for person above 18 or above legal ageThis should be added to the agreement There is surely arbitration clause or dispute resolution clause which state if dispute arise then it should be interpretated and settled in court of the state Note dear student asking questions or posting question to search or online violated policy but still answer this    See Answer
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