What you’ll learn to do: explain the role of contracts in the business environment and the requirements of an enforceable contract

The contract is probably the most familiar legal concept in our society because it is so central to a deeply held conviction about the essence of our political, economic, and social life. In common parlance, the term is used interchangeably with agreement, bargain, undertaking, or deal; but whatever the word, it embodies our notion of freedom to pursue our own lives together with others. Contracts are central because they are the means by which a free society orders what would otherwise be a jostling, frenetic anarchy.

LEARNING ACTIVITIES

The learning activities for this section include:

• Reading: What Is a Contract?
• Reading: Parts of a Contract
• Self Check: Contracts

Take time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.