Contract Analysis

 

Have you ever clicked a box accepting the terms of service to use software or an app on your computer? Did you read it before clicking?

Locate and read a business contract—a mobile phone service agreement, terms of use for software or use of digital apps are examples. Many examples are available online. Write an introductory summary of the document you have selected. This should be one or two paragraphs and include the following information.

How long is the document? Is it straight forward and easy to understand? Are any of the terms particularly surprising or unfair? Please describe. Is this a document you would be willing to sign if you were interested in the service or the product? Why or why not?

Then define and evaluate the contract in terms of the 7 characteristics that a contract must have to be enforceable. They are:

1. Offer

2. Acceptance

3. Consideration

4. Legality

5. Capacity

6. Writing

7. Termination

Sample Solution

block-lattice architecture is set up so that every user has its own blockchain, delivering near instantaneous transaction speed and unlimited scalability. Each user has their own blockchain, allowing them to update it asynchronously to the rest of the network, resulting in fast transactions with minimal overhead. Transactions keep track of account balances rather than transaction amounts, allowing aggressive database pruning without compromising security.

ICON

ICON aims to hyper-connect the World. Banks, Universities, hospitals, insurance providers, and investment providers in South Korea. It is a self-proclaimed blockchains for all blockchains. This networks of networks allows blockchains to use the ICON Nexus portal to establish a communication network. ICON’s intent is to have the respective blockchains to be independently govern. The ICON system would be used when collaboration across blockchains is needed. This would allow of intermediaries to be cut out of the exchange or collaboration process creating a more interconnected world.

Ethereum Classic

Ethereum and Ethereum Classic used to be the same blockchain platform. In June 2016, after a hacker stole close to $50 million dollars from their funding, the organizations split between Ethereum and Ethereum Classic. Both ETC and ETH run on the same protocol and have similar functions, but they have some specific differences. Ethereum Classic maintained the same blockchain and values of Ethereum before the hacking occurred, while Ethereum built a brand new blockchain, bringing most of users and miners with them. Ethereum Classic is a more conservative version of Ethereum that facilitates running smart contracts by offering the benefit of decentralized governance.

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