Team A Reflection
Jimmy LaNonh, Diana Ogden, Alicia Ventura, Charlie Yi, James Williams
LAW/421-Contemporary Business Law
August 13, 2014
R. Garth Ferrell

During week, 4 and 5 of Contemporary Business Law the class went more into depth of contracts including formation, breach or discharge, and the UCC. The team gained a better understanding of the elements of a binding contract and how the UCC is involved with contracts. The class discussion was mainly regarding contracts, the UCC code, and the differences. The concept for Diana that sometimes is difficult is deciding if both parties in a contract gave consideration. If that element is missing this constitutes the lack of a contractual agreement. However, under the UCC code for merchants this is not a required element. The other piece that can be difficult to discern is deciding when the date of the contract begins, which must also meet certain elements to be a legal accord. The oral or written information must include the parties, price, object, and time that both parties mutually agree, and if not clear, one party may believe something different from the other party. Additionally, businesses need to pay close attention to the acceptance portion in contacts because of the “mailbox rule” because if specific date requirements are not in the arrangement this could be a reason for a dispute. The Statue of Frauds portion was another area of discussion to decide when written agreements are a requirement such as in UCC for amounts greater than 500.00 or 5,000 in certain areas. Additionally, land contracts, performances greater than one year, contracts in consideration of marriage, surety for another, and executing a will are elements under contracts to verify. These and other contract and agreement topics like remedies are important for individuals, managers, and entrepreneurs when making choices in business (R.