Contracts are the heart and soul of commercial transactions. In this unit, you will explore the different types of contracts that bind parties together in business dealings.

Basics of Contract Law: Formation, Breach, and Remedies
INTRODUCTION
Contracts are the heart and soul of commercial transactions. In this unit, you will explore the different types of contracts that bind parties together in business dealings. It is highly recommended that you review contracts that you have signed recently—a lease, an employment agreement, an extended warranty—to examine not only the language but also the scope of these agreements. You may wish to pay close attention to language in a contract that you have signed that outlines specifically how disagreements will be resolved, and the penalties that adhere to either party for breach of the contract.
OBJECTIVES
To successfully complete this learning unit, you will be expected to:
1. Evaluate the concepts of contractual performance, breach, and remedies.
2. Explain the function and articulate the definition of contract law.
3. Discern between different types of contracts, and identify the elements of a contract.
4. Assess the importance of the Statute of Frauds.
Studies
Readings
In your Cross and Miller The Legal Environment of Business text, complete the following:
• Read Chapter 12, “Formation of Traditional and E-Contracts.”
• Read Chapter 13, “Contract Performance, Breach, and Remedies.”
• Read Chapter 14, “Sales and Lease Contracts.”
Independent Research
Research and select a court decision as the basis for your analysis paper for the “Case Law Analysis: Contract Law” assignment which is to be submitted by the end of this unit. You may choose a state or federal court case; use these suggested Web sites for locating a case:
• The Findlaw Web site, US Supreme Court Opinions.
• The NOLO Web site, US Supreme Court Center.
• The OYEZ site, U.S. Supreme Court Media – Cases – 2017 Term.
• The Legal Information Institute’s Supreme Court: Most Recent Decisions.
• The Capella University Library’s Legal Research Library Guide.
Multimedia
• Click Business Law Foundational Concepts and review the terms or concepts listed in the Unit 2 tab of the interactive media piece. Refer to this study aid often and as needed.
Case Law Analysis – Contract Law
In this unit, you will select a case law pertaining to the topic of contract law.
Each case law analysis allows you to express yourself as clearly and fully as possible in dissecting a court decision. The purpose of the assignment is two-fold:
1. To give you the opportunity to read a real court decision.
2. To challenge you to think about how you would have decided the case. In your case law analyses, you must be able to navigate the court’s decision and summarize it; you are not expected to act as a judge or an advocate.
Using your selected court decision, prepare an analysis that responds to the following:
1. Articulate the importance, context, purpose, and relevance of law in a business environment:
o Identify the parties who are before the court.
o Provide a brief background of the problem. Summarize the facts in no more than 2–3 paragraphs.
o Identify the specific disagreement between the parties.
o Explain the ruling of the court in no more than 1–2 paragraphs.
2. Evaluate key judicial concepts that influence the decisions related to business:
o Was there a dissenting opinion? If so, explain why some of the judges or justices disagreed with the majority in the decision.
o Do you agree with the court’s decision? Why or why not?
You may choose any court case, either state or federal, as the basis for your case law analysis; however, the case should be applicable to the assignment topic. The recommended Web sites for researching and locating a case are listed in the Resources area.
Your analysis should be no more than two pages, double-spaced. References and citations are to adhere to APA formatting and style guidelines. Prior to submitting your assignment, be sure to review the scoring guide to ensure you have met all of the grading criteria.
Resources
• Case Law Analysis – Contract Law Scoring Guide.
• Capella University Library Legal Research Library Guide .
• Findlaw US Supreme Court Opinions.
• LII: Supreme Court: Most Recent Decisions.
• NOLO US Supreme Court Center.
• Oyez: U.S. Supreme Court Media: Cases – 2017 Term.