Introduction The authors of this paper will present the layout and actual contract made between two parties. One party represents the company who will be designing the software and the other party represents the company who needs the software. Several types of contracts exist; therefore, understanding the importance of keeping ones word; knowing how to write up a contract and making necessary changes; and understanding the law are some important elements individuals/businesses need to know before entering into a contract. Contracts involve either an exchange of promises by the parties or a promise conditioned on the performance of an act, (Reed, O., & Shedd, P., & Morehead, J., & Corley, R., 2005). Span and Citizen-Schwartz have entered into a contract, which both parties have made promises and have agreed upon. The following are basic concepts, which will guide both parties in developing a contract: 1) Contract law in private enterprise; 2) Sources of contract law; 3) Contractual classifications; 4) Contractual enforcement terminology; 5) Contractual performance terminology;......

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Page Count: 19.5 (250 words a page / double spaced)

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