Essentials of Business Law: Contract Law

Managers supervisors or team leaders who want to gain a basic knowledge of Business Law and how to apply it in a working business environment.

• Identify the five elements of a contract.
• Identify the components of a written contract.
• Identify the instances in which consideration is not valid.
• Identify when a contract is enforceable.
• Select the options courts have when presented with an unconscionable contract.
• Identify third party contract rights.
• Explain how to avoid contract illegalities.
• Determine if a contract is valid.

Unit 1: Making Business Transactions

• Identify the five elements of a contract.
• Identify an option contract.
• Distinguish between the different classifications of contracts.
• Identify the components of a written contract.
• Simulation Overview:
• In this simulation you will meet with Maggie Roberts one of Icon's most experienced attorneys. Maggie has represented Icon in several different contract disputes. She will ask you a number of questions designed to test your understanding of contract essentials and strategies.

Unit 2: Binding Contracts

• Identify the instances in which consideration is not valid.
• Identify when a contract is enforceable.
• Select the options courts have when presented with an unconscionable contract.
• Select the conditions that make a contract illegal.
• Explain how to avoid contract illegalities.
• Determine if a contract is valid.
• Simulation Overview:
• In this simulation you are a manager in the Software Development department of Icon. You have been contacted by Patty Chen a supervisor in your department who sounds upset. One of her employees has left the San Francisco office of Icon and started his own software development company in southern California and she wants to meet with you to discuss her options. The employee argues that the contract restrains his trade which makes the contract invalid. John Cunningham will also sit in on the meeting. During the meeting you will need to explain the validity of contracts to Patty and address legal options Icon can take before Patty begins meeting with Icon's lawyers.

Unit 3: Enforcing a Contract

• List contracts that require documentation.
• Identify third party contract rights.
• Determine whether a breach of contract has occurred.
• Identify remedies for a breach of contract.
• Take appropriate legal action.
• Identify actions that constitute fraud.
• Identify the legal implications of fraud.
• Simulation Overview:
• In this simulation you are a Real Estate Analyst for Icon International. Icon has planned to expand its Software division and you have made arrangements to have a new state of the art facility built to precise specifications. Two months into the contract the framing of the building is complete and you hire an independent inspector to inspect the progress. Not only is the contractor behind schedule at this point the building materials he's been using are of very poor quality. In your opinion his actions constitute fraudulent behavior thus breaching the original contract. You are meeting with Ronald Spear and Drew Canfield to discuss what your options are now that Masterson Building Co. has breached the contract.

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The CDROM version of this course requires:

• At least a 486DX 33Mhz CPU.
• Microsoft Windows 3.1 or higher and a Microsoft compatible mouse.
• At least 8MB RAM.
• At least VGA graphics capability with a minimum 512K video RAM (1MB video RAM recommended).
• At least a double speed CDROM drive.
• An MPC compliant sound card with attached speakers or headphones is recommended (Currently only the CDROM version supports audio).

• At least a 486DX 33Mhz CPU.
• Microsoft Windows 3.1 or higher and a Microsoft compatible mouse.
• At least 8MB RAM and 22MB available hard disk space or file server space.
• At least VGA graphics capability with a minimum 512K video RAM (1MB video RAM recommended).