Essay on "Business Law Which Type of Contract"
Essay 3 pages (1074 words) Sources: 1
[EXCERPT] . . . .
Business LawWhich type of contract, bilateral or unilateral, is more common in business?
In business, bilateral contracts are more common. A unilateral contract only gives something to one party, while the other party essentially gets nothing. A bilateral contract mean that both parties are getting something in the transaction. One party promises to give something in return for something that the other party is giving. These are contracts that make the most sense because most people want something in return.
However, there are times when a unilateral contract works as well because a person who has paid money already to a company, for example, may get a contract saying that the company will deliver goods, provide a service, etc. If the contract is signed before the money is given and includes the money exchange it would be bilateral. If it was signed after the money exchange and includes only the transfer of goods or services, it would be unilateral.
Some people prefer one type of contract to the other, but that often depends on the person. Someone who does not want what they might have paid or given spelled out would likely prefer a unilateral contract where they do not have to worry about their involvement being in print. People who are not concerned about this or who are very careful about ensuring that everything that they are involved with is spelled out carefully will certainly prefer a bilateral contract. There are advantages to both types of contract, as well. There may be tax advantages for the offeror if it looks as though he or she is doing something for no compensation. There may also be tax advantages to the offeree i
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However, because bilateral and unilateral contracts are so different in how they represent the parties to a transaction, it is very important in business to know when each one of them should be used so that both parties' interests are protected.
Do you believe that a period this long is necessary to encourage the production of creative work? What are the advantages and disadvantages of a longer copyright validity period?
I do not believe that the longer term is necessary to encourage the production of creative work, but I believe that it does help. When a person writes or otherwise creates something, he or she wants to own that. There is often a lot of work and time and passion that goes into the creation of something that has been written down and will be read by others - it is very important to the writer, and he or she usually cares deeply about the writing and where it will go.
If the writer did not want people to read it, he or she would not have written it down and made the effort to find a publisher for it. Because that time was taken and that effort was made, that person certainly does not want to see someone else infringe on the copyright and create a work that is almost identical to pass off… READ MORE
Quoted Instructions for "Business Law Which Type of Contract" Assignment:
“PLEASE NOTE: YOU ONLY NEED TO COMPLETE (3) ESSAYS FROM THE QUESTIONS BELOW.
For all questions, use a standard essay format. This should include an introduction, body paragraphs, and a conclusion. Your answers should reflect your ability to incorporate all relevant information regarding the question.
Textbook:
Contemporary Business & E-Commerce Law
4th Edition, 2003
Author: Henry R. Cheeseman
Prentice Hall
ISBN: 0-13-034852-X
Select three out of the following questions:
1. Which type of contract, bilateral or unilateral, is more common in business? Why? Under what circumstance would someone prefer one or the other? What are the advantages of each type for the offeror? For the offeree? (Chapter 8, learning objective 1)
2. The Sony Bono Copyright Term Extension Act of 1998 added 20 years to the period of time that a copyright is valid. For an individual, the period of validity is now the life of the creator plus 70 years. Do you believe that a period this long is necessary to encourage the production of creative work? What are the advantages and disadvantages of a longer copyright validity period? (Chapter 14, learning objective 3)
3. Does the great increase in the sale of goods over the Internet have any implications for the perfect tender rule? (Chapter 17, learning objective 1)
4. Why is fraud in the inducement treated as a personal defense and fraud in the inception treated as a real defense? Is this distinction justifiable? On what grounds? (Chapter 20, learning objective 6)
5. Homestead exemptions in some "debtor haven" states are huge compared to those allowed under the federal bankruptcy laws. Should states be able to have homestead exemptions much larger than the federal exemptions and those of most other states? Why would a state choose to have a large homestead exemption?What are the advantages and disadvantages to such a state? (Chapter 23, learning objective 3)
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