Introduction A contract is defined as an agreement between two or more parties to perform a service, or to provide a product or commit to an act, and is enforceable by law. In order to create an enforceable contract there must be an offer from one person requesting another person to do or not do something. The offer has to be accepted in order to be valid. In this paper I will discuss how a contract can be valid or not by providing the five elements of a contract that must exist order for the contract to be enforceable In addition to discussing the five elements I will identify why a contract is governed by common law or the Uniform Commercial Code (UCC). I will also examine at least two circumstances in which this non-compete agreement would …show more content…
The Legal Dictionary defines the UCC as a set of suggested laws relating to commercial transactions. Selling of goods such as purchasing an automobile or office equipment) between merchants or non-merchants would be an example. Seaquist, 2012 says if the contract deals with anything other than sales of goods such as real estate, insurance, or personal services it’s considered common law. This includes the hiring of an employee or professional. The common law states that any change to an offer is a rejection and counter offer. A change to an offer with UCC can still be considered as an enforceable contract, but it depends on the circumstances that surround the transaction. Modification of contracts with the common law requires consideration. This is opposite for the UCC. Consideration is not a prerequisite. Common law requires a description on the quantity, price, and performance time, nature of work and identity of an offer to be part of a valid contract. UCC only specifies that quantity is a must have term in its …show more content…
Non-compete agreement is an agreement that is made between two parties. The parties are usually an employee and employer. This is where the employee agrees not to use or relay any information that is learned during their employment. The employer will insist on non-compete agreements because they may feel that their business will be threatened due to the possibility of an employee taking a job with a competing business or even staring their own business and using the skills they learned previously. Of course the employer is going to feel that their business is going to be threatened, especially if they are a successful business in a small