Understanding Contracts

Understanding the various kinds of contracts such as insurance or estate planning can be overwhelming. Which is why for this lab, you will be selecting one of the contract categories discussed in the unit and creating a brochure that takes an in-depth look at it. You may choose to create a brochure on Insurance or perhaps Estate Planning (which includes living and last wills) for example.

While you have plenty of creative freedom in terms of how you will format your brochure, you will need to make sure that it addresses whatever category of contracts you have selected. To help you map out the information that you will need to include, use the following checklist to guide your information gathering whether it be from the unit or from online research (likely a combination of both):

• An overall explanation of contracts
  • 5 main elements of most contracts
• An overall description of the contract category you selected
  • The purpose (in general) (the purpose of insurance or the purpose of estate planning)
  • Why are these types of contracts important?
  • Who might need or use these types of contracts? Why?
  • At least three examples of contracts that fall within this category (i.e. health insurance) with a detailed description of each
  • Any other essential information that one might need to know about this particular category of contracts