Contracts: How They Effect Everyday Life Essay

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Contracts: How They Effect Everyday Life
BUS 311 – Business Law I
Prof. Katheryne Rogers
January 6, 2012

Most people in society think that contracts are pointless and unnecessary. Contractual law is not high on society’s list of things to study. What society does not realize is that contracts bind a majority of the decisions that they make on a systematic basis. In this paper I will make evident the effectiveness of contracts and how they are such an immense aspect in society’s everyday life.
This paper will demonstrate the practicality of contracts and how they influence and add to everyday life. I am also going to show what would happen if we did not have any contract regulatory resolutions made. Without contracts; the law would …show more content…
Now that Wal-Mart is able to conduct business electronically outside of their place of business; they must purchase equipment that will allow them to process MasterCard credit card transactions. MagTek is a company that would provide the equipment that Wal-Mart would need to run the credit card transaction and process it. According to MagTek’s Website, “MagTek is a manufacturer of electronic devices and systems for the reliable issuance, reading, transmission and security of cards, checks, PINs and other identification documents.” Among the electronic devices, is a magnetic strip reader consenting customers to use their MasterCard to purchase their items.
So you can now see how crucial contracts are and how they affect every consumer’s life on a typical day of just shopping. These are only a couple of examples on how contracts impact our lives on a day-to-day basis; there are so many more out there. Well now that I have shown you a sample of what life is like with contracts; try and imagine how life would be without them. Envision the same scenario in the last few pages, but deprived of contracts binding the many parties convoluted.
Let’s just say there is no contracts and a consumer went out to purchase a home; and they decided to use K.B Homes to build their dream home. K.B Homes agreed to build the consumers home. The agreement consists of a smile and a handshake. They work out all
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