The Breech of Contract
breech of contract
The Breach Of Contract
Joseph Ragisoa
Business Law I
Professor Leah Westerman
August 12, 1013
The Breach Of Contract There are many ways to terminate the obligations of a contract. Most often, parties conclude their contract obligations by performing them. However, sometimes problems arise and parties cannot or will not complete their obligations under the contract. When this occurs, contracts may be terminated by reasons of rescission, breach, or impossibility of performance. Jared and I were good friends. While in the military we both got stationed away from our home and worked together. Naturally you are more lenient on your friends when it comes to lending money. Jared was having some trouble with money so he comes to me and ask, “ Can I barrow a few hundred dollars until his next payday?” Without even noticing we had a contract. What I didn’t know until now was what type.
Express Contract are formed by the express language of the parties, the actual word they use in their agreement and can be either written or oral (Rogers, S. 2012, pg. 66). At the time of the agreement both of us are very much of age and conscious of our discussion what we didn’t really clarify was the detail of the contract. We only talked about how much money he needed and that he will pay the money back with his next two pay checks. We had consideration which was the money we also hade a reasonable timetable for him to pay me back. Then we had an issue.
As previously stated we agreed that he would pay me back over the span of two pay periods, which is a whole month. Well after a month I never received anything from Jared so technically he had a breech of contract. Was I worried about the money? No, but now I start thinking if he didn’t give me money back how can I legally get my money back? What do I do take him to small claims court? We never had anything in writing to prove our acknowledgement of a contract. A contract whereby one person
The Breach Of Contract
Joseph Ragisoa
Business Law I
Professor Leah Westerman
August 12, 1013
The Breach Of Contract There are many ways to terminate the obligations of a contract. Most often, parties conclude their contract obligations by performing them. However, sometimes problems arise and parties cannot or will not complete their obligations under the contract. When this occurs, contracts may be terminated by reasons of rescission, breach, or impossibility of performance. Jared and I were good friends. While in the military we both got stationed away from our home and worked together. Naturally you are more lenient on your friends when it comes to lending money. Jared was having some trouble with money so he comes to me and ask, “ Can I barrow a few hundred dollars until his next payday?” Without even noticing we had a contract. What I didn’t know until now was what type.
Express Contract are formed by the express language of the parties, the actual word they use in their agreement and can be either written or oral (Rogers, S. 2012, pg. 66). At the time of the agreement both of us are very much of age and conscious of our discussion what we didn’t really clarify was the detail of the contract. We only talked about how much money he needed and that he will pay the money back with his next two pay checks. We had consideration which was the money we also hade a reasonable timetable for him to pay me back. Then we had an issue.
As previously stated we agreed that he would pay me back over the span of two pay periods, which is a whole month. Well after a month I never received anything from Jared so technically he had a breech of contract. Was I worried about the money? No, but now I start thinking if he didn’t give me money back how can I legally get my money back? What do I do take him to small claims court? We never had anything in writing to prove our acknowledgement of a contract. A contract whereby one person
References: Rogers, S. (2012). Essential of business law. San Diego, CA: Bridgepoint Education, Inc.