SOLUTION: BUS 210 Waubonsee Community College Formation of A Business Entity Discussion

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Business Discussion

Student’s Name


Business Discussion

1. Business Contract
A valid and legally enforceable contract has four elements. It must have a valid offer
and acceptance, which make up the mutual assent aspect of the contract. Another element is a
consideration, which describes the value aspect that is exchanged to make the contract
binding between the offeror and offeree. This could be in the form of money or even a
promise of service or an act. Moreover, a legally enforceable contract must have the capacity
as another element. Capacity describes the legal right and ability of both of the parties
involved to fulfill their contract obligations (Perillo, 2000). In this regard, there are various
defenses with which one could get out of a contractual obligation. First, the defense argument
could be about the offer and acceptance terms; if the terms and conditions of the contract
change or they are illusory, incomplete, and/or vague, then it could be the argument with
which to get out of contract obligations. Secondly, the argument could be about the capacity,
where one could argue that the other involved party does not have the capacity to make the
contractual agreement. Thirdly, the defense could also be based on the legality of the
contract’s purpose. In this aspect, an enforceable contract must be for a legal purpose, and
one could get out of his or her contractual…

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