Business Law Problems Essay Example | Topics and Well Written Essays - 500 words

Business Law Problems - Essay Example They argue that people making contracts should take consideration of possible changes in the future in making a contract. Take, for example, two people, where one is a supplier of goods while the other is the buyer. Assuming that the goods or services are to be delivered over a period of time, the costing of the product or service may be affected by economic changes like inflation2. The figure has been changed by about five to ten percent per year for the above. In that situation, the value of goods in this year would not be the same with the value the following year and the year after. In the case of Tabor and Martin, Martin can legally collect the a hundred dollars for the remaining contract because Tabor agreed to the terms. The recent contract or agreement precedes any prior agreements and would not matter whether Tabor had been informed prices would change or not. 3 Soberness: legal experts argue that people abiding through a contract should be sober before signing the agreement. In addition, they should have enough time to go through the contract and raise any contentious issues in the contract. The contentious clauses and issues should be changed for the better of the contract to be binding. Some people have been very crafty and take advantage of others when they are not sober. The example question of Kira selling her diamond necklace to Charlotte for just a hundred dollars yet it is worth thousands of dollars, shows the consequences of signing a contract when intoxicated too well. When a person has signed a contract, it is assumed that they read through the contract and were comfortable with every clause in the contract and that is why s/he signed. Therefore, Kira selling her necklace was a done deal, as long as she signed a contract, and Charlotte can prove. Her necklace could not be returned, even when she offered to refund the money she h ad