Business Law Essay Example
Business Law
Can Big Bank's president rescind the contract? Yes, but this is an involved process and both parties need to agree to modify it. This is because both parties had problems fulfilling their parts of the contract. Also, an organization (the Big Bank) can cannot eradicate the business contract, because since their party did something improper (that seems to be them whom input the data incorrectly).
Under what circumstances can a contract be rescinded by either party? This can happen when an offer to tender is provided by the party that wants to rescind. The offer to tender means the rescission or needs to make an offer to release back all benefits they got while under the contract
What facts have to be alleged and proven and what is the result of a contract that is rescinded? The facts needed are to prove that the other group involved did something indecorous. A contract can also be broken if both groups involved fashioned the same error in making the document.
2. Big Bank's president also threatens legal action. What potential causes of action could you foresee him bringing in court? He and his company could try to sue for breach of contract.
Would he be successful? No, I don't think he would be.
What arguments could Systems Inc. raise in its defense? That we completed the first four tasks ahead of schedule, wanted to complete the sixth one to (but haven't yet because of problems with # 5). And, that the original problem with 5 was caused by them and if this hadn't occurred the work could have been done on time and without the power going out for three days (remember they don't seem to know about any problems or delays caused by your personal problems.
What are Big Bank's potential damages? The funds lost from the conversion, but I don't think this would occur.
3. Review the facts provided and the sample contract. What provisions of the contract could you cite to support an argument that it is not in Big Banks best interest to rescind the
Can Big Bank's president rescind the contract? Yes, but this is an involved process and both parties need to agree to modify it. This is because both parties had problems fulfilling their parts of the contract. Also, an organization (the Big Bank) can cannot eradicate the business contract, because since their party did something improper (that seems to be them whom input the data incorrectly).
Under what circumstances can a contract be rescinded by either party? This can happen when an offer to tender is provided by the party that wants to rescind. The offer to tender means the rescission or needs to make an offer to release back all benefits they got while under the contract
What facts have to be alleged and proven and what is the result of a contract that is rescinded? The facts needed are to prove that the other group involved did something indecorous. A contract can also be broken if both groups involved fashioned the same error in making the document.
2. Big Bank's president also threatens legal action. What potential causes of action could you foresee him bringing in court? He and his company could try to sue for breach of contract.
Would he be successful? No, I don't think he would be.
What arguments could Systems Inc. raise in its defense? That we completed the first four tasks ahead of schedule, wanted to complete the sixth one to (but haven't yet because of problems with # 5). And, that the original problem with 5 was caused by them and if this hadn't occurred the work could have been done on time and without the power going out for three days (remember they don't seem to know about any problems or delays caused by your personal problems.
What are Big Bank's potential damages? The funds lost from the conversion, but I don't think this would occur.
3. Review the facts provided and the sample contract. What provisions of the contract could you cite to support an argument that it is not in Big Banks best interest to rescind the