M1 Unit 4

Unit 4 Discussion Assignment

Has anyone ever broken a promise to you? Were those promises legally enforceable promises? Why or why not?

There are two types of promises: Oral and written. The oral promise is a promise spoken and not written down and signed. People, normally make lots of promises and most of the time they do not deliver the promise. When the oral promise is broken there is a breach of the promise. However, you can not legally enforce if you don’t have a proof of that promise.

On the other hand, a written promise is a promise written in a document and signed. A written promise can be legally enforceable because there is a proof. Businesses write their contracts and each party signs, this serves as a proof and promise

If I enter, the contract could be considered not valid. The party may seem to understand the terms and conditions despite lacking legal capacity.

This problem can be overcome by translating the legal binding document into the language the party understands. For example, if the party that does not understand the English language only reads French, the contract can be written both languages and signed. Then, the document can become a legal binding contract.

Should there be more government regulation and standardization of contract terms between private parties? Why or why not?

There shouldn’t be government regulations and standardization of contract is some terms between private parties because it would set strict guidelines. Contracts should be made according to the necessities of each private party. All the companies would have same terms and there would be no flexibility. For example, if a company wants to buy a customized product the contract would limit and the company can only buy within the framework established by the government regulation and standardization. However, in terms of quality, the regulation and standardization could ensure uniformity and consistently good