“Managing Contract Issues in Business” Please respond to the following:
1. Imagine you are a senior manager in a U.S. manufacturing firm who procures component parts and services from various states. What is required for a valid contract and what might put your company at risk if not sufficiently scrutinized prior to signing a contract? Explain contract formation and differences pursuant to Common Law versus the Uniform Commercial Code. Why is it important to distinguish and identify which applies?
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2. Research one (1) breach of contract case involving two U.S. businesses within the last 2 years. Explain the facts of the case, the dispute and the outcome if the case resolved. Post an article, video or other source to help explain the case and show your source for information.