Contract Creation and Management

2) Repair Theory – Damages should put things in the state that they were specified in the contract (IE fix the land as per the contract)

The motion for partial summary for the plaintiff was denied by the court and the objection was overruled without prejudice to raise the issue for consideration at trial.

The contract was to govern the business relationship, and the terms were expected to be adhered to by both parties. According to the contract, the supplier was supposed to supply me with the products during the time of agreement without failure unless under unavoidable circumstances. Any condition that prevented delivery of products on the dates scheduled, the supplier was expected to provide a reason for the delay and if possible give the estimated time of delivery. The prices of the products were expected to be fixed, and no additional charges or price adjustments were to be made without my consent and that is after negotiations between the two of us. Also, the products were supposed to be delivered in exact quantities, location, and on time.

Contracts are an important part of everyday life. They are an essential part of business. As a student of a business law class, I will discuss in this paper several aspects of contracts. This paper will give a definition of a contract and the essential elements necessary to form a valid contract. It will briefly discuss breach of contract and the difference between a material breach and a nonmaterial breach of contract. Examples of legal and equitable remedies available for breach of contracts will be highlighted. Also, legal excuses for nonperformance or other grounds for discharge of contracts will be addressed. Finally, three types of common contracts personally and professionally encountered will be mentioned.

Bernie a resident of Richmond, Virginia decides to sale his 2006 Ford Fusion for $13,000.00 and places an ad in his local newspaper on February 1st. After several weeks without any inquiries, Vivian contacts Bernie on March 1st stating she will pay him $12,000.00 for the car. Bernie arranges to meet with Vivian on March 5th to complete the deal. Vivian comes to Bernie’s house on March 10th and says she will give Bernie $12,500.00 for the car; but she needs three additional weeks to come up with the money. Bernie agrees but only if Vivian puts down a deposit. Vivian agrees and Bernie drafts an agreement stated the sale will must take place no later than March 31st. Vivian reads and signs the agreement and

As you know, eight months ago we entered into a contract with Citizen-Schwarz AG to create custom e-banking software. The agreed contract outlined the details of the arrangement, including on-schedule delivery and quality of the deliverables, strong communication between both parties, procedures for any changes in the system requirements, intellectual property rights, and dispute management procedures. Depending on our performance, we were projecting to gain an additional contract with C-S’s larger e-CRM order. Unfortunately, the original contract was filled with ambiguity from the start that increased the risk factor for both parties.

?As a general rule, parents are not liable for the contracts entered into by their minor children? (Kubasek et al., 2016, p. 226). Cercel and Scurtu advised civil law regulates that there is "limited legal capacity of minors between 14 and 18 years of age" given the assumed insufficient psychological magnitude to exercise legal rights (Cercel, S., & Scurtu, S., 2015). Despite the fact that my son was turning 18 soon and irrespective of Marshall?s awareness to my son?s age, my son was only 17 and was not authorized to act on my behalf.

Due to the different roots of the two systems, the definition of a contract, as well as its formation, differ between contract law in Common Law Jurisdictions and in Civil Law Jurisdictions (France). The Common Law views contracts as bargains, exchange, a simple agreement has no binding force. It is mainly concerned with forecasting the impact and the binding legal consequences of a party’s promise. The structure or purpose of the contract is not as important as knowing whether the promise of performance that the contract is based upon is enforceable.

Before signing the deal a conflict arose in middle of the conversation which was about the rate of penalties per day and the amount of profits to be paid by NIDO gas. Their technical manager proposed an amount of nearly $10000 per day as penalty if the contract was not completed on expected time duration of 38 weeks. We recommended that the late penalty amount should not be exceeding of $4000. Again they denied to accept this amount and came up with a negotiable amount of $ 7000 per day, which was also a huge amount for us being a contractor. So, finally giving it a second thought we compromised at the amount of $5000 per day for late completion penalty. On the other hand we again had to compromise with the profits as NIDO gas proposed us the profits of $10000 per day would be given if the construction work will be completed under the budgeted amount of 2.5 million dollars otherwise it would be $5000 per day if we were not exceeded the amount of budget above 2 million dollars. So, all in all we used a compromise strategy and concessions of

The simulation begins in the middle of a major dispute between a software-developing company, Span Systems, and one of its customers, Citizen-Schwartz AG (C-S), a large German bank. The two companies are in dispute over the quality and timeliness of deliverables. There have been major bugs found by C-S during testing and are worried about Span not fulfilling the one-year contract, which is worth $6 million. Span 's main concern is securing a larger contract with e-CRM, which is tangent on the outcome of the current contract. C-S has requested all

In order for a contract to be formed, there are various requirements. These are offer, acceptance, consideration, and the intention to create legal relations. A contract may also be terminated.

When it is time to notify the contractor of personnel authorized to represent the contracting officer in administering contract requirements, notices should be completed with name, position, authority in representing the contracting officer, and applicable contract clauses (Acquisition.gov, 1994).

Contract Law Case Study Both the parties in the question have come to a problematic situation

Introduction: In this assignment I will go over a few legal terms in relation to contract law. I will also talk about a few precedents that help explain the law.

A contract is a written or spoken agreement between two or more parties that involves the exchange of two promises, which is intended to be enforceable by law. The four basic elements are the offer, consideration, acceptance, and mutuality. When elements are broken down individually, each one is just as important as the next. If one of these elements are broken or misunderstood, it could mean result in the contractual agreement becoming not valid and end in lawsuit. The overall purpose of the contract is for legal purpose and to keep a order within an agreement.