Module 01 - Law of Contract Coverage of: • Law of Contract: Definition, Essentials • Types of Contracts • Offer – Definition & Essentials • Acceptance - Definition & Essentials • Consideration – Definition & Essentials, Exceptions • Capacity of Parties • Free Consent • Quasi Contract • Legality of Object • Performance of Contract – Termination of Contract – Remedies for Breach of Contract Case Studies 1 The Indian Contract Act, 1872 The Indian Contract Act consists
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By MMArias Contract Wording When parties decide to enter a contract, the parties should meet and agree on the context of the contract. The context of the contract should be worded precisely with the expectation, payment, consequences if contract breached, communication to be held by parties, delivery time, and expectations of the product. When Citizen Schwarz AG and Span Systems decided to do business together, the contract created by both parties contained ambiguous wording that could be
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is that it is an unforeseen event which occurs and makes the contract impossible to perform as well as the fact that neither party is at fault nor is it a way to escape a contract or obligation so therefore is not a vitiating factor either. There are several ways where contract may be frustrated this is where for instance impossibility of performance occur due to a frustrating event, so when a it is impossible to carry out the contract as it can be destroyed or inaccessible so due to its existence
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remedy or seller remedy can be put into a contract. First we have the buyer which has certain remedies available to him or her if a seller wrongfully refuses to either give title to the real estate or otherwise defaults on an agreement of sale between the parties, unless there is a provision in the agreement that limits the seller’s remedies. Before buyer can do anything, there must be a non-conforming tender (breach of warranty or other breach of contract, such as late delivery. It’s been asked with
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paid him $25,000 in exchange for exclusive negotiation rights for a 90-day period. The exclusive negotiation agreement stipulated that no distribution contract existed unless it was in writing. Just three days before the expiration of the 90-day period, the parties reached an oral distribution agreement at a meeting. Chou offered to draft the contract that would memorialize their agreement. Before Chou drafted the agreement, a BTT manager sent Chou an e-mail with the subject line “Strat Deal” that
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FOUR (4) ways on how a contract can be discharged. First way on how a contract can be discharged is discharge by performance.For discharge by performance to occur, the contract must be exactly or substantially performed, to allow for recovery of the contract price. Partial performance does not allow for recovery of the contract price but payment may be recovered in restitution for the work. Failure to perform a contract according to its terms will be a breach of the contract This can be illustrated
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Crime as In Illegal Contract Contents Summary 3 Introduction 3 Illegal Contracts violating statute or common law 3 Agreement to commit a civil wrong or crime 3 Contract to commit corruption 4 Agreements promoting prostitution 4 Contracts obstructing administration of justice 4 Agreements prejudicial to safety of public 4 Manner of Performance of contract is unlawful 4 Void Agreements due to public policy 5 Effects of Illegality 5 Restitution 6 Severance 6 Conclusion
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Introduction A contract is a promise that courts enforce: "a promise or set of promises for the breach of which the law gives a remedy, or the performance of which the law in someway recognizes as a duty" (2nd Restatement of Contracts §1). • Common law: Applies to all contracts except those falling under the UCC. • UCC (Uniform Commercial Code): Applies to all contracts for the sale or lease of goods. The UCC is applicable regardless of whether or not either or both parties are merchants. o More
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Underpinnings of Business Law Breach of contract is when a business contract creates an obligation that is to be full filled by people or companies that enter into an agreement. By law a party’s failure to complete the bargain which is under contract is known as a breach of contract. With regard to the specifics of the contract a breach can happen when a party fails to perform on time or does not perform at all according to the terms of the agreement. Breach of contract is categorized as material or immaterial
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(2011). Government contracts in a nutshell (5th ed.). St. Paul, MN: Thomson Reuters. Supplemental Resources Brown, T. L., Potoski, M., & Van Slyke, D. M. (2009). The challenge of contracting for large complex projects: A case study of the coast guard’s Deepwater program. IBM Center for the Business of Government. Retrieved from http://www.businessofgovernment.org/sites/default/files/deepwater_magazine_0.pdf Rendon, R. G. Critical success factors in government contract management. Retrieved
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