For your PA 1, you will research examples of bad business contracts. In the world of business, contracts are the key to success. What you put into writing, and agree to with your signature, can make or break your company. There are dozens of different contracts that you may have to create and/or sign, as a business owner: employment, vendor, marketing, intellectual property, lease or purchase, licensing agreements, and many more. It is vital to be able to identify a bad business contract. Far too many people get themselves into trouble because they signed on the dotted line, without understanding the terms first. Here is how to approach your professional assignment:
- Review websites or journals to research examples of bad business contracts in history.
- Pick one example of a bad contract. This could be a mistake, fraud, poor agreement, ambiguity, lack of clarity, or other examples discussed in class readings.
- Develop a two- to three-page APA-formatted paper and include the source citation for the poor contract example. Be sure to describe the major issues of the bad contract you have selected.
- If you had negotiated the contract, what changes would you have made to ensure a proper contract was signed by both parties?