• Unit 4: Contracts

    This unit discusses contracts, which come in all shapes and sizes. You enter into a contract with a broker and seller when you purchase a house. Businesses enter into contracts with other businesses to set prices and solidify relationships. If you want reliable work done on your house, you will have a contract with a contractor (hence the name).

    Contracts are legally-binding relationships. In most circumstances, a contract involves an agreement to deliver a product or service at a specified time on a specified date. Violating a contract can result in a lawsuit or some kind of settlement. While courts can be involved in this process, these situations can also be settled outside of the judicial system. Laws regarding contracts vary from state to state, so it is always important to know the contract law in your area. This unit discusses contracts in detail, but it cannot cover everything. By the end of this unit, you should be familiar with how most contracts are written and enforced.

    Completing this unit should take you approximately 5 hours.

    • 4.1: The Nature and Classification of Contracts

    • 4.2: Contract Formation

    • 4.3: End of Contract and Enforcement

    • Unit 4 Assessment