- Invent a product or service, can be an app. (This could be the one you previously identified or a different one.) The product/service is one you will market for profit. Assume the product/service has been developed and created and is ready for distribution. Do not concern yourself whether it can reasonably be realized. Be creative!
2. Draft a contract for the sale of the product/service to a retail establishment. The retailer can be a brick and mortar store, restaurant, hardware store, online marketplace, business, etc.
3. WHAT YOUR CONTRACT MUST CONTAIN:
a. The contract should contain the necessary elements of a contract which include: Identity of the Parties (with date and signature lines at the bottom of the contract), Description, Price, Quantity, Shipping or Delivery, and Price or Payment structure. (You may use other sources beyond your textbook. Do not use terms you do not understand. Do not just “copy and paste” a contract you find on the internet. Make this contract yours. (For the Description you can state what your item or service does or accomplishes.)
b. At least seven (7) Boilerplate (common contract provisions) which must include “arbitration” and “attorney fees and costs” clauses (these are two separate clauses.) See attached for sample boilerplate clauses which includes definitions and sample language to include. Boilerplate Clauses.1.pdf Download Boilerplate Clauses.1.pdf
4. WHAT YOUR CONTRACT IS WORTH AND HOW POINTS ARE ASSIGNED:
Your contract is worth 100 points; up to 50 points will be given for professionalism, which includes having a title for your document, proper formatting, alignment of paragraphs, spacing, spelling, and grammar; and up to 50 points on how well you incorporate all the necessary elements of a contract, including essential terms and boilerplate clauses, and follow the instructions. You must incorporate all elements described in this assignment (highlighted in yellow) in order to receive full credit. Points will be deducted for each term/clause not incorporated. This final contract is worth 25% of your grade.
5. WHERE TO FIND SAMPLE CONTRACTS:
Sample contracts may be found by googling samples contracts for sale of good or services; Findlaw; RocketLawyer.com; and other law sites. Also, a sample contract for the International Sale of Coffee can be found in your book at pages 383-386. For a step by step guide with samples and templates also look at www.fundingcircle.com/us/resources/how-to-draft-a-sales-contract/ (Links to an external site.)
6. POSTING YOUR CONTRACT:
YOUR CONTRACT MUST BE TURNED IN BY THE TIME THIS CLASS ENDS. YOU MAY TURN IN EARLIER WHICH IS WHAT I SUGGEST IN CASE THERE ARE ANY TECHNICAL ISSUES; IF YOU DO TURN IN EARLY AND I ASSIGN POINTS TO YOUR CONTRACT YOU MAY NOT RESUBMIT; IF YOU UPLOAD IT IS YOUR RESPONSIBILITY TO MAKE SURE IT UPLOADS CORRECTLY. IF I CANNOT OPEN IT TO READ IT YOU WILL NOT GET ANY CREDIT FOR THE ASSIGNMENT. SINCE THIS IS YOUR LAST ASSIGNMENT AND THE CLASS ENDS SUNDAY, FEBRUARY 7TH, THERE IS NO POSSIBILITY OF AN EXTENSION TO COMPLETE – NO EXCEPTIONS. (P.S. I am not shouting just want to make sure these instructions standout and are clear.)