Analyze a Contract – Employment Contract Analysis
In an organization, there are many contracts that can be used. In your career in the business field you may be required to sign and approve contracts. In your personal life, you may be required to sign contracts for purchases, estate planning, and banking, just to name a few. Your understanding of contracts and the laws governing these contracts will help protect you in both your career and personal life.
Your research project is to analyze a contract. Using an internet search engine, find a free downloadable example of a contract (this needs to be a contract that can be downloaded into Microsoft Word). You may want to use key terms like free, contract, or templates. Download the document into Microsoft Word. Using the comments option in Word, identify the basic elements of the documents, and the mandatory information required in the contract. Save the document with your comments. In another Word document answer the following questions in regards to the contract you chose to analyze.
1. Create a scenario in which this contract would be used. Name the parties involved and give background information as to why this particular contract is being used. Are there third party beneficiaries involved in this contract? Who are they, and what role do they play?
2. Explain the laws that govern this contract. Use specific examples within the contract to support your answer.
3. Is this contract fair? Using specific examples, explain why, or why not.
4. Is this contract completely integrated or partially integrated? What type of parole evidence might be used to question the contract issues? Use specific examples that might apply to your type of contract.
5. Does this contract allow for the assignment of rights? Describe a situation in which this contract might be assigned, and discuss what should occur during this assignment to protect all parties involved.
6. Discuss what would need to happen if an obligor indicates he intends to appoint another person to perform his contractual duties.
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