BUS140: Legal Environments of Business Drafting a Contract After making a very wise investment in art several years ago, STEVE SELLER has decided it is time to sell the famous painting, entitled “Bowl of Fruit” by artist Donna Blanton. The painting an approximate fair market value of $30,000 and is an oil on canvas original. STEVE places and ad on Craigslist which is answered by BOB BUYER. After inspecting the painting, BOB says he’ll return at 6:00pm on October 31, 20XX with $27,500 “in cash.” Assume you are STEVE SELLER, draft a simple contract that you and BOB BUYER can execute. Use October 31, 20XX Use your creativity, imagination, legal experience, business experience, common sense, and negotiating skills to draft a contract that binds the other party, best serves and protects you, but also is fair enough that the other party will likely agree to its terms, or at least most of them. Turn in your best non-lawyer attempt at drafting a written contract in proper word-processed format. Make sure to cover all the basic contract requirements and add whatever other provisions make sense to best serve your interests. Make reasonable assumptions for any additional information that you need that is not furnished. Neither buyer nor seller is a merchant – they are private parties. The contract is to be very simple, yet enforceable by any court in California. The Agreement should contain all necessary and at least 2 appropriate standard “boiler plate” contractual provisions. You may make up and add such additional facts and terms that you deem appropriate. Reminders: The basic elements of a purchase/sale agreement are: Identification of the parties Dates of acceptance and delivery Quantities and specifications of goods Place and terms of delivery Warranties and disclaimers Payment terms This is an optional group project. You will complete your contract with up to two additional classmates. Your group will need to submit two copies of the assignment on paper on the assignment due date (one for me and one that will go to BOB BUYER). BUS140: Legal Environment of Business Contract Evaluation Criteria Contract: Contains all required elements: agreement, consideration, capacity, legality, and consent. Includes all required clauses and terms from the assignment directions. Writing is Superior: clear, organized, with proper grammar and sentence structure. All Terms present and favorable to drafter. If using template, all extraneous language (including repetitive clauses) have been removed. At least 3 relevant boilerplates are included in the agreement. Many students elect to use a contract template to complete the “Drafting A Contract” assignment. Using any widely available template is fine, however, you must remember to completely EDIT the template to ensure you contract is clear and unambiguous. Below are some of the issues frequently associated with templates. 1. Identification of parties. Is it clear who is contracting? Do you know where to locate them? Is extraneous language removed? 2. Goods: are they congruent with the requirements of the assignment? 3. Delivery: quantity requested. Are you buying or selling more than one? Does this section need to be edited? 4. Term: do you need more than one day to complete the transaction? 5. Acceptance: buyer wants time, seller wants to get the deal done. 6. Charges: “seller shall invoice buyer for each shipment…” Are you expecting more than one? 7. Warranty: who wants it? Should it be at seller’s discretion? 8. Should the seller attest to the painting’s “perfection?” 9. Payment – what is acceptable? 10. Are there wishy-washy terms like “about” “approximately” included in the contract? 11. Method of payment – does it matter? 12. Contradictions – the contract should have no contradicting terms. 13. Is extraneous language removed? 14. Does the contact MAKE SENSE to you?