Just about every time you open your wallet to pay for something, you enter a contract. In addition, you probably enter contracts in your own life where something else other than money is exchanged.For...

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Just about every time you open your wallet to pay for something, you enter a contract. In addition, you probably enter contracts in your own life where something else other than money is exchanged.For this assignment, think about the last few contracts that you entered or attempted to enter, and answer the following questions about that contract.Describe the contract that you entered (or attempted to enter). Be sure to use the objective theory of contracts as well as the terms you learned in the readings, resources and lecture to describe the contract. How do you know that what you entered is a contract?Classify the contract you described.

  • Is your contract bilateral or unilateral? How do you know?

  • Is your contract express or implied? How do you know?

  • Is your contract formal or informal? How do you know?

  • Is your contract executed or executory? How do you know?

  • Is your contract valid, void, voidable or unenforceable? How do you know?

Write your answers to the above questions in a 500 word essay, double-spaced, and upload to Blackboard as a Word file. Cite any sources that you use in APA style.
Answered 1 days AfterNov 18, 2021

Answer To: Just about every time you open your wallet to pay for something, you enter a contract. In addition,...

Tanmoy answered on Nov 20 2021
108 Votes
Describe the contract that you entered
On 19th November, 2021 I entered into a unilateral contract in the form of a reward which I advertised on The New York Times. The reward consisted of an opportunity to work as a gardener in the garden inside my house and will be given to the person who will be able to find and deliver my lost leather wallet. The wallet contained $2000, some visitors’ card of very important persons, a Bank of America debit card and an American Express a credit card. The wallet was lost while travelling from York Street through Brooklyn Street to all the way in New York. Therefore, I went to the police station and registered a complaint with them. Also, I advertised for my lost wallet in the Lost and Found news section for a nominal amount of $50 in The New York Times. Therefore, in this unilateral contract a promise is made by me for returning my leather wallet which is lost to the general public for something in return (Legal Directory, 2014).
This was an implied contract which spelled out...
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