Foodmart, Inc: The Impact of Contracts
Foodmart, Inc: The Impact of Contracts
Foodmart, Inc: The Impact of Contracts
Contracts define transactions. Contracts define interactions. Contracts direct businesses and individuals. Contracts are an involved process that start with negotiations, establish the terms of the agreement, and hold all parties involved to the commitment until the terms of the contract have been met. Well-written contracts clearly outline expectations, responsibilities of all deadlines, and results of not keeping the commitment. This paper looks at the process involved with contracts in various aspects of life: a construction contract, entering a contract with a minor, validity of oral contracts, and terms and conditions defined in contracts.
Foodmart Contracts with Masterpiece Construction
Foodmart, Inc. is a retail grocery store going through a renovation. Foodmart has contracted with Masterpiece Construction with a six-month timeframe. Because of picking up new contracts, Masterpiece subcontracted the job to Build Them to Fall Construction. Foodmart is unaware of the subcontract. The construction done by Build Them is substandard and it is at this point that Foodmart learns that Masterpiece handed the job to Build Them. Foodmart files for an injunction and specific performance.
The inferior work done by Build Them to Fall Construction is a material breach of contract. Because the work was subcontracted without authorization, Masterpiece remains the breaching party. Two basic options exist when a company fails to meet the obligations of a contraction. First, the non-breaching party can rescind the contract, try to recover payments, and then have the contract discharged. The second option is to sue the breaching party to recover damages because the contract is still valid.
Foodmart has chosen an equitable remedy by seeking an injunction and suing for breach of contract and specific performance. An equitable remedy is a breach of... [continues]
Foodmart, Inc: The Impact of Contracts
Foodmart, Inc: The Impact of Contracts
Contracts define transactions. Contracts define interactions. Contracts direct businesses and individuals. Contracts are an involved process that start with negotiations, establish the terms of the agreement, and hold all parties involved to the commitment until the terms of the contract have been met. Well-written contracts clearly outline expectations, responsibilities of all deadlines, and results of not keeping the commitment. This paper looks at the process involved with contracts in various aspects of life: a construction contract, entering a contract with a minor, validity of oral contracts, and terms and conditions defined in contracts.
Foodmart Contracts with Masterpiece Construction
Foodmart, Inc. is a retail grocery store going through a renovation. Foodmart has contracted with Masterpiece Construction with a six-month timeframe. Because of picking up new contracts, Masterpiece subcontracted the job to Build Them to Fall Construction. Foodmart is unaware of the subcontract. The construction done by Build Them is substandard and it is at this point that Foodmart learns that Masterpiece handed the job to Build Them. Foodmart files for an injunction and specific performance.
The inferior work done by Build Them to Fall Construction is a material breach of contract. Because the work was subcontracted without authorization, Masterpiece remains the breaching party. Two basic options exist when a company fails to meet the obligations of a contraction. First, the non-breaching party can rescind the contract, try to recover payments, and then have the contract discharged. The second option is to sue the breaching party to recover damages because the contract is still valid.
Foodmart has chosen an equitable remedy by seeking an injunction and suing for breach of contract and specific performance. An equitable remedy is a breach of... [continues]
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(2010, 10). Foodmart, Inc: the Impact of Contracts. StudyMode.com. Retrieved 10, 2010, from http://www.studymode.com/essays/Foodmart-Inc-The-Impact-Of-Contracts-432448.html
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