Interactive 1

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Abstract
The business law has underlying elements that define violations, punishments, and the applicability of the law. The elements of the business law include; offer, acceptance, considerations, capacities, and the mutuality of obligation. The business law applies to two or more parties, and both parties are required by law to observe and consequently protect the integrity of the contract. This paper seeks to examine the elements of a contract between two parties; a landlord and a tenant. The landlord Mr. Barnard has put his house for rent at the cost of $899 for a period of 12-months. A potential client and a college Mrs. Julie is interested and decides to settle at the agreed cost and for the stipulated period. This analysis believes that both Julie and Mr. Barnard are parties of the contract and they are required to uphold and protect the terms and conditions of the agreement without violations. This paper defines the various elements of the contract, the outstanding issues in this contract, and the applicability of law in case of infractions or infringements.
Keywords: infringements, violations, terms of the contract, business law, elements of the contract, mutuality of obligation.
Introduction
Summary of the Case
The case presented follows closely the requirements and contexts of a business contract. Two parties; Mr. Barnard and Mrs. Julie, are parties of the business contract and hence are required to observe and comply with all the requirements.

The contract offered in the case is as follows; Mr. Barnard is a landlord who wishes to rent his house on specific conditions. The rent for the abode is $899 on a monthly basis and will be rented for a stipulated period of one year. A student named Julie is willing to rent the house by agreeing to the bound by the terms and conditions of this particular agreement. This case analysis identifies that violations to the contract will attract legal measures. As a result, both parties are required to uphold their agreements without infractions or infringements.
Elements of the Contract
The first element of the contract is the offer which in this case refers to the house rent and the period of lease. The second element is the acceptance, and this refers to Julie’s consent to rent the house at the agreed rate. Another element is the mutuality of the obligation. This refers to Julie’s acceptance to be bound by the terms of this contract, and Mr. Barnard’s ability to sustain and maintain his promise of the house and the period of rent. This analysis believes that Julie’s, by business law, will be obligated to rent the house at the agreed $899 without raising any concerns regarding bargains, chaffers, and other potential violations of the contract. The four element is the consideration. This refers to the underlying factors and issues that should be considered to bring the contract to fruition. Therefore, a major consideration by the landlord is to lease the house for the promised 12-months without violations of this periodic timeframe. For Julie, it means leasing the house for the agreed sum and period.
Issues and Concerns
While there are no outstanding issues in this contract, the business law requires that both parties comply with the terms of the contract. Mr. Barnard will be required to uphold his promise and not charge additional costs or incur extra expenses during the 12-month period. Similarly, Julie is by law required to obey the terms, avoid potential violations, and agree to stay in the house for the stipulated period of 12-months.
The Applicability of the Law
Violations to this law will attract potential legal punishments (Kuney and West Firm 9). For Julie, the violation would lead to the confiscation of her property, lawsuit, and possible vacation. And to Mr. Barnard, a breach or an infraction to the terms of the contract will automatically warrant Julie due rights to seek justice through litigations or court processes. Hence, this analysis reveals that both parties are bound by the terms of this contract, and any infringements will attract legal punishments as stipulated by the business law. The law and due legal guidelines will be undertaken in case of any potential infractions by both parties.
Conclusion
The key point of this discussion is the fact that parties are required to abide by the terms and agreements of a business contract. This discussion is significant, and it will enable all parties of a contract to respect and adhere to the stipulated terms and conditions. It will avoid conflict and frictions in legal agreements of a business nature. After reading this paper on contracts, readers should remember that business agreements are confidential and that violations of the terms will result in stringent penalties including confiscations and lawsuits. Most importantly, readers must respect and avoid any infringements to avoid unforeseeable loses.
Work Cited
Kuney, G. W., & West (Firm). (2011). The elements of contract drafting with questions and clauses for consideration. St. Paul, MN: Thomson/West.