Consumer Contracts Module 02 Discussion
Consumer contracts are legally binding agreements between two parties, typically
involving the exchange of goods or services for monetary compensation. Some examples of
frequent or regular agreements that both individuals and businesses enter include sales contracts,
rental agreements, employment contracts, loan agreements, franchise agreements, and security
agreements ("Consumer contracts," 2023). All of these agreements will contain important details
and obligations pertaining to the transaction, which should be read and understood carefully
before signing any contracts.
Rental agreements contracts generally refer to agreements between two or more parties in
which one party, the renter, agrees to allow the other party, the owner, to use their property for a
specified period of time for a designated fee. While these agreements may involve either an
individual or an organization, all such contracts share one fundamental element: an obligation to
comply with the terms that have been mutually agreed upon.
In order for a contract to be legally binding, it must contain all of the key elements of a
legally enforceable contract. These elements include an offer, acceptance of that offer,
consideration, and a legal object, as well as the capacity of both contracting parties to enter into
the contract and the mutual understanding that the agreement is legally binding ("H. Rept. 112-
565 - consumer rental purchase agreement act," 2012). Furthermore, any rental agreement
contract must contain the details of the rental agreement, including the rental period, rental
payment amount, type of rental payment and the applicable rules and regulations that must be
followed while the property is being used.
Individuals who enter into a rental agreement contract must also abide by certain laws
and regulations, depending on the type and location of the property. For example, there may be