Students will create a binding contract based on the conditions Based on the contract students will write a descriptive essay explaining the elements and clauses in the contract. Discuss the key elements of the contract and their understanding of the clauses in the contract

Clearly address how and why they think their contract is legally binding for the contracting parties

Address how the clauses they have added to the contract help them meet the conditions set out in the situation

Support your work with a minimum of $5$ authentic references.

Use the web resource to create a contract and include it in the appendix. You and your $3$ friends want to start a partnership business. You will be the managing partner in the business and want to have all control over decision$-$making. Also, you are concerned that since your friends will be acting like sleeping partners in the business, they may one day leave the business and take away confidential information from them. Further, you also want your business to get dissolved if any of the other partners leave the business.

Situation $2$

Use the negotiation and the deal you made in Unit $2($Ugli Oranges$)$ exercise and create an agreement for the same.

Replace this situation with this case as an option:

John and Jay are fellow graduates in counseling psychology at Yorkville University. After having worked on various projects together during their time at Yorkville University, they discovered they actually lived in the same community, met one another, and soon found they enjoyed each other$’$s company and found synergies in their work habits. They now plan on renting some space and opening a clinic together on the cool side of town. John$’$s parents have agreed to provide a five$-$year interest$-$free loan of $$20,000$ to assist with start$-$up costs. Jay$’$s dad, a carpenter by trade, has agreed to help with renovating the shop. How might the business be structured so as best to ensure both Jay and John$’$s interests are fully protected? How might the loan be structured?