Contract Law Personal Reflection

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Contract Law Personal Reflection Over the years we all have experienced many different types of contracts. Some have been life lessons and others life changing. Getting to be able to share our life encounters with contracts our team has a better understanding how contracts are useful in our day to day. Growing up I remember a contract that influenced my life at a young age it was a bilateral contract between my parents and me. A bilateral contract involves two agreements and two operations. The agreement was for me to wash the dishes every day and cut the lawn when the grass is high. My parents would pay me twenty dollars. If I did not wash or cut the grass as agreed upon they would deduct money from the twenty dollars. This agreement was for a two week period. If my parents did not pay at the end of the two weeks they would add an additional five dollars. This contract taught me a valuable lesson that in life you have to work for what you want, nothing in life is free. (MLA 7th Edition) In high school I was looking to buy a 66 Mustang. After working all summer and saving my money up I finally had enough money to buy my classic dream car, at least I thought I did. Once I arrived to purchase my dream car, I immediately knew it was for me. The car unfortunately cost more than I had saved. The seller and I made a mutual assent with a signed contract stating that I would pay the remaining amount within the next 3 months; though the contract may not have been truly valid in regards to public policy. It did contain the three requirements consideration, capacity and legality. This was my first experience using a contract, which turned out to be a good experience and a great learning experience. Another contract that I have encountered in my personal life would be for purchasing a car. The contract is detailed to show the responsibilities of both parties.

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