Critical Analysis

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Critical Analysis Paper Adrienne Gilbert BUS 311 Business Law 1 Jennifer Hacker November 4, 2013 Now a days contracts are used for many different things, as well as situations that we may face every day. Some contracts are oral and some are written. The five essential elements of an enforceable contract, is what help people decide whether or not they should enter the contract. Understanding the essentials of contracts will help people in the long run. A contract is a legally enforceable agreement. As this definition implies, a contract comes into existence from the voluntary assent of two or more individuals to enter into a legally binding agreement (Rogers, 2012). The critical analysis paper is about a rental agreement. My sister recently entered into a valid contract with her landlord, because the five essential elements of a contract were present. The written contract stated that the lease was for a year and that she was to be the only person on the lease. After thoroughly reading over the contract, both parties willingly signed the contract. By her being the only person on the lease, she was responsible for all the utilities, as well as keeping the grass cut. She was faced with many responsibilities, but that comes with renting or leasing an apartment. Her rent was due on the first of each month and she had a four day grace period. Therefore the late fees started on the fifth day of each month. The late fee consisted of an extra $10 for each day she was late. The rent was $950 each month, so if she was late and did not pay her rent until the fifth, she would have to pay the landlord $1000. Although, she was the tenant, the landlord had responsibilities that were stated in the contract. The landlord was responsible for fixing any repairs around the house that my sister reported. Any repairs that my sister were able to fix herself, she did. In return

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