THIS WEEK'S DISCUSSION WILL BE HOSTED BY: Joel Abramowitz

How important are contracts in the operation of a business, governmental entity or non-profit institution? In providing your insights and opinions, please cite specific types of contracts used by your employer, such as confidentiality agreements, non competition agreements, purchase agreements, distributor agreements, service agreements, license agreements, loan agreements, etc. Explain why you think these agreements are important to the operation of the organization you work for and what you think the effects of the absence of such agreements may be.

Also, as you learn from your texts, four elements are necessary in order to have a contract that a court will enforce if it is breached by one of the contracting parties. Name each of the elements.

Select a contract used in the business by which you are employed or were employed in the past. Describe what the purpose of the contract is, whether the contract is a bilateral contract or a unilateral contract, and identify theconsideration to be given by each of the contracting parties.