Business Report
INTERNATIONAL BUSINESS LAW 533
ASSIGENMENT-1
SEMESTER-1 OF 2013
STUDENT NO: 16241196
DATE: 8/04/2013
Problem questions: (A) Discuss discharge of contract and whether and how each of the contracts between F&A and the musicians were discharged. Briefly discuss likely remedies, if any.
(B) Discuss remoteness of damages and whether Pedro would be successful in claiming compensation for the lost recording contract.
A possible answer:
Step1: THE AREA OF LAW:
The area of law relevant to these questions are discharge of the contract and where a contract is breached ,there can be many situations and innocent party is entitled for losses, damages, remedies, delays and get costs compensation directly from the breach of contract.
Step2: THE PRINCIPLES OF LAW:
Part-A
Discharge of a contract means where the rights and obligations under contract are bought to an end. Once the party have duty under contract is to discharge their obligations, they are excuse from further performance under the contract. A contract is discharged when it comes to an end the parties are no longer bound by their promises. Some effectively ways or circumstances lead to the discharge of contract. They are: 1. By Agreement; 2. By Performance; 3. By Frustration; 4. By Breach;
* Methods of discharge: 1. By Agreement:
All contracts are create by an agreement, including the creation, termination, and variation of obligations. In some situation, it is difficult or creating some problems if only one party wants to vary or discharge a contract and the other party does not.
For example, one party may terminate the contract by giving one month’s notice in writing to other party. This type of contract would be simply discharge by the giving of written notice in specified time or date. In some situation, such an agreement may be enter after formation of the original agreement or contract, but its priority to complete the performance.
There are
ASSIGENMENT-1
SEMESTER-1 OF 2013
STUDENT NO: 16241196
DATE: 8/04/2013
Problem questions: (A) Discuss discharge of contract and whether and how each of the contracts between F&A and the musicians were discharged. Briefly discuss likely remedies, if any.
(B) Discuss remoteness of damages and whether Pedro would be successful in claiming compensation for the lost recording contract.
A possible answer:
Step1: THE AREA OF LAW:
The area of law relevant to these questions are discharge of the contract and where a contract is breached ,there can be many situations and innocent party is entitled for losses, damages, remedies, delays and get costs compensation directly from the breach of contract.
Step2: THE PRINCIPLES OF LAW:
Part-A
Discharge of a contract means where the rights and obligations under contract are bought to an end. Once the party have duty under contract is to discharge their obligations, they are excuse from further performance under the contract. A contract is discharged when it comes to an end the parties are no longer bound by their promises. Some effectively ways or circumstances lead to the discharge of contract. They are: 1. By Agreement; 2. By Performance; 3. By Frustration; 4. By Breach;
* Methods of discharge: 1. By Agreement:
All contracts are create by an agreement, including the creation, termination, and variation of obligations. In some situation, it is difficult or creating some problems if only one party wants to vary or discharge a contract and the other party does not.
For example, one party may terminate the contract by giving one month’s notice in writing to other party. This type of contract would be simply discharge by the giving of written notice in specified time or date. In some situation, such an agreement may be enter after formation of the original agreement or contract, but its priority to complete the performance.
There are
Bibliography: 1. Andy Gibson and Douglas Fraser, Business Law (Pearson Education Australia,4th ed,2009) 2 3. Graw Stephen An Introduction to the Law of Contract (Thomson Reuters Professional Australia Limited, 7th ed, 2012) 4 5. Khoury D and Yamouni S. Understanding Contract Law (LexisNexis Butterworths Australia, 8th ed, 2010) 6 [ 2 ]. (1795) 6TR 320. [ 3 ]. (1863) 122 ER 309. [ 4 ]. Horlock v/s Beal (1916) AC 486. [ 5 ]. (1903) 2KB 740. [ 6 ]. Fibrosa spolka Akcyjna v/s Fairbairn Lawson Combe Barbour Ltd ( 1943) AC 32 . [ 7 ]. Foran v Wight (1989)HCA 51. [ 8 ]. Larratt v Bankers and Traders Insurance Co Ltd (1941) 41 SR (NSW) 215. [ 10 ]. Hadley v Baxendale (1854) 9 Ex 341. [ 11 ]. (1949) 2 KB 528. [ 12 ]. (1854) 9 Ex 341. [ 13 ]. Hobbs v London & South Western Railway Co,(1875)LR 10 QB 111 at122. [ 14 ]. (1854) 9 Ex 341. [ 15 ]. 1949) 2 KB 528.