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Contract Creation And Management Simulation

Running head: CONTRACT CREATION AND MANAGEMENT SIMULATION


Contract Creation and Management Simulation
Introduction
The authors of this paper will present the layout and actual contract made between two parties. One party represents the company who will be designing the software and the other party represents the company who needs the software. Several types of contracts exist; therefore, understanding the importance of keeping ones word; knowing how to write up a contract and making necessary changes; and understanding the law are some important elements individuals/businesses need to know before entering into a contract.
“Contracts involve either an exchange of promises by the parties or a promise conditioned on the performance of an act,” (Reed, O., & Shedd, P., & Morehead, J., & Corley, R., 2005). Span and Citizen-Schwartz have entered into a contract, which both parties have made promises and have agreed upon. The following are basic concepts, which will guide both parties in developing a contract: 1) Contract law in private enterprise; 2) Sources of contract law; 3) Contractual classifications; 4) Contractual enforcement terminology; 5) Contractual performance terminology; 6) Breach of contract; 7) Offer to contract; 8) Acceptance of contract; 9) Consideration; 10) Capacity of parties to contract; 11) Lawful purpose; 12) Written contracts; 13) Interpretation of contracts; 14) Assignment of contracts; 15) Contracts benefiting a third party; 16) Performance of contracts; 17) Discharge of contracts; 18) Trends in contract law and 19) Contractual ethics, (Reed, O., & Shedd, P., & Morehead, J., & Corley, R., 2005).
Review of Contract Terms
Alternative dispute resolution systems

Alternative dispute resolution (ADR) is a term that refers to different (but philosophically linked) methods of resolving business-related disputes outside traditional legal and administrative forums. These methodologies, which include various types of arbitration and...