I’m working on a law Research Paper and need support to help me understand better.

Requirements

During modules 2-5 you will be building the components of the final contract that will be due in module 5.

While you are able to set up your own terms based on the information provided, the following terms must be included:

1. Parties – The names and addresses of all the contracting parties should be clearly stated. You can make these up for this contract.
2. Dates – List the date that the contract is being entered into
3. Definitions and Interpretations – If there are any defined terms in the contract, this section should provide specific and clear definitions.
4. Payment Provisions – The exact price to be paid for the goods or services provided and the date or dates for payment to be made should be clearly set out. Remember, you want cash and not a check or credit card for this contract.
5. A specific description of the goods – a solid description of the toys should be stated in this section. You may need to do some research to find out what a traditional set of toys looks like.
6. Term of contract – The length of the contract should be stated and it should also be noted whether there are any options to continue the contract. This is a contract for this specific instance and should be noted in the contract.
7. Limitation of liability – This section caps the liability of either party to the contract. For example, Mr. Barker has inspected the set of toys and accepts them “as is.” If he finds a defect with them at a later date, you have no further responsibility to him.
8. Signature Lines – Provide proper signature and date lines at the conclusion of the contract for both parties.