Title: Competency Assessment: (CU2 M1)
Course: Business Law > Section: Credit Unit 2 Module 1

In a three-page Microsoft Word Docx or rtf file format document, please respond to the following three situations.  Be thorough and complete in your responses.  Use references to support your position and cite them appropriately:

1. Has anyone ever broken a promise to you? Were those promises legally enforceable promises? Why or why not? Be sure to analyze the agreement by checking to see if all elements of contract formation were present. Remember to first determine whether the promise was one governed by the UCC or by common law.

2.  In international business, it is very common for parties entering into a  contract not to read or speak the same language. If someone sought to enter into a contract with you, but that party could not read the language in which your contract was written, should you enter into that contract with that person? How can this problem be overcome so that both parties can form a legally binding contract with each other?

3. Ivar, an infant, bought a used car, not a necessity, for $9,500. The seller took advantage of Ivar’s infancy because the car was really worth only $5,500. Can Ivar keep the car but disclaim liability for the $4,000 difference?

Your response should be typed, double-spaced in standard-sized document (8.5" x 11") with 1" margins on all sides. You should use a clear font that is highly readable. APA recommends using 12 pt. Times New Roman font. Citations should be in APA format.

Points
12
Submitting
a file upload

Due | For | Available from | Until
-N/A | Everyone | -N/A | -N/A

Rubric

Competency Assessment (CU2 M1)

Competency Assessment (CU2 M1)
Criteria | Ratings | Pts
This criterion is linked to a Learning OutcomeContract Formation
4 pts = Author thoroughly understands what makes a legal contract and discusses UCC, common law as well as legally binding contracts. 3 pts = Author evaluates contracts but may miss minor topics such as a discussion about UCC and common law. 2 pts = Author explains contracts but fails to fully connect what makes a legal contract. 1 pt = Author mentions contracts but fails to connect to the scenario presented. 0 pts = Insufficient
4.0 pts Competent: exceeds expectations | 3.0 pts Competent: meets expectations | 2.0 pts Progressing | 1.0 pts Unsatisfactory | 0.0 pts Insufficient
4.0 pts
This criterion is linked to a Learning OutcomeLegally Binding Contract
4 pts = Author thoroughly describes legally binding contracts and clearly understands what makes a contract legal. 3 pts = Author addresses Legally binding contracts and begins the discussion but leaves one or more major components out. 2 pts = Author shows signs of understanding Legally binding contracts. 1 pt = Author does not understand Legally binding contracts. 0 pts = Insufficient
4.0 pts Competent: exceeds expectations | 3.0 pts Competent: meets expectations | 2.0 pts Progressing | 1.0 pts Unsatisfactory | 0.0 pts Insufficient
4.0 pts
This criterion is linked to a Learning OutcomeInfancy
4 pts = Author synthesizes knowledge and discusses infancy and how infancy impacts contracts. 3 pts = Author understands infancy and relates with examples. 2 pts = Author loosely evaluates infancy and mentions examples. 1 pt = Author does not infancy. 0 pts = Insufficient
4.0 pts Competent: exceeds expectations | 3.0 pts Competent: meets expectations | 2.0 pts Progressing | 1.0 pts Unsatisfactory | 0.0 pts Insufficient
4.0 pts
This criterion is linked to a Learning OutcomeCourse Outcome 03: Understand the requirements for a valid contract and apply those requirements to specific contractual activities.
threshold: 3.0 pts
4.0 pts Competent: Exceeds expectations | 3.0 pts Competent: Meets expectations | 2.0 pts Progressing | 1.0 pts Unsatisfactory | 0.0 pts Insufficient
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This criterion is linked to a Learning OutcomeCourse Outcome 05: Explain the impact of the uniform commercial code, UCC, on the business environment.
threshold: 3.0 pts
4.0 pts Competent: Exceeds expectations | 3.0 pts Competent: Meets expectations | 2.0 pts Progressing | 1.0 pts Unsatisfactory | 0.0 pts Insufficient
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Total Points: 12.0