Question.1724 - Although contracts can be designed to protect the promisor and promisee of an agreement, itis important to understand that they also carry risk. If someone is careless or fails to read theterms closely before the interested parties sign, he or she may make a costly commitment.For this Discussion, you will examine business contracts and assess potential issues and risksassociated with those contracts, as well as ways to avoid these risks using scholarly resourceson contract law.To prepare for this Discussion:Review the Learning Resources and consider these questions:How do you know when an agreement becomes a contract?What information should you know before entering into a contract?What are ways to protect yourself as you enter or advise others to enter a contract?Think of a negative experience that would have resulted or did result from the terms of acontract you entered or almost entered. Alternatively, consider the experience(s) ofsomeone else you know or a situation you heard about on the news or on social media.CONTRACT RISKSRESOURCESBe sure to review the Learning Resources before completing this activity.Click the weekly resources link to access the resources.WEEKLY RESOURCES(https://waldenu.instructure.com/courses/98969/modules/items/3410857)31/01/2024, 08:20Topic: Week 4: Discussionhttps://waldenu.instructure.com/courses/98969/discussion_topics/10466242/9? Write a reply...You will use this experience or scenario to discuss the possible risks associated withcontracts.Note: If using a scenario from your own personal experience (or the experience ofsomeone else you know) for this Discussion, be sure to substitute fictitious names forany people involved and any associated businesses.Review the Academic Writing Expectations for 2000/3000-Level Courses.Post a 150- to 225-word (2- to 3-paragraph) description of the risks that are associated with abusiness contract that you either experienced or observed. In your explanation, address thefollowing:Describe the business contract and the scenario that revolved around it.Explain the risks of the contract and how they resulted (or could have resulted) in anegative situation.Explain how you (or the person/interested party in the scenario) could have avoided (or didavoid) the negative situation by having a better understanding of contract law at the time.Include a reference(s) to a minimum of one scholarly source to support your response.Refer to the Week 4 Discussion Rubric for specific grading elements and criteria. YourInstructor will use this grading rubric to assess your work.Read some of your colleagues’ postings.Respond with at least 75 words (1 paragraph) each to two or more of your colleagues’postings by providing additional information on any other contract laws that could haveprotected your colleagues.Return to this Discussion in a few days to read the responses to your initial posting. Note whatyou have learned or any insights you have gained as a result of the comments your colleaguesmade.
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