BUS 311 Business Law I
Situations that involve written and oral contracts between clients and contractors happen every day. Quite often, a price is agreed upon based on a completion date and the performance that happens along the way. One such situation that I have experienced was when my Dad decided to purchase a brand new townhouse in a downtown Cincinnati residential redevelopment project. A private contractor named Drees had won the rights from the city to be the only firm that could be used in the construction project and they are very popular there. A contract was signed between my parents and the developers that a new home would be built to their specifications and delivered within a six month period and upon that date they could move in. The focus of this analysis is to bring the contract under scrutiny that existed between Drees and my parents and how the contractor performed their duties. Upon my parent’s retirement, they decided to sell their home in the suburbs and purchase a new townhouse that was being built in a development which was formerly a very distressed neighborhood. The attraction was that they would live downtown and be close to everything such as the symphony, sports stadiums, museums and shopping. The neighborhood was basically vacant and in desperate need of redevelopment, and the city offered new homes at very reasonable prices, plus a fifteen year property tax abatement to entice people to invest. The city wanted the development to be a success so they chose Drees as the exclusive contractor to the sight. The company had many models to choose from as well as different exterior architectural façades with different colors of brick. All of these things were chosen by my parents in meetings that were conducted with architects and designers, all of whom were representatives of Drees, and when the lot was decided upon the contract was signed. The contract that was signed had the six elements
References: Liuzzo, A. (2013, Ch.15, pg.235) Essentials of Business Law (8th Edition) McGraw-Hill, New York, NY, USA. Uher, T., Davenport, D. (2009, Ch.8, pg.165) Fundamentals of Building Contract Management (2nd Edition), UNSW Press, Sydney, NSW, AUS.