Businesslaw-Take Home Exam

Topics: Contract, Patent, Preferred stock Pages: 10 (2902 words) Published: September 24, 2012
Take home exam/assignment – Business Law for IBA - 2012

A. Contract for independent contractor
Find a suitable contract and shorten it (or write one yourself from scratch), so you have just the essentials to offer as an agreement for that consulting job for that consulting firm.


Better Software Corporation (hereinafter referred to as “the Company”) AND
Better Consulting Corporation (hereinafter referred to as “the Contractor”)

25TH May, 2012
When the services as outlined in this agreement have been completed.

It is expressly understood and accepted that this is not an employment and as such the Contractor will have no claim to Company benefits or employee considerations, including but not limited to profit sharing, pension, shares or bonuses. Upon expiry of this contract it is understood that the relationship between the parties has ended.

Independent Contractor agrees to devote as much time, attention, and energy as necessary to complete or achieve the following: ‘approaching investors (from the international investor market) to invest all together €1 million in the Company’. The above shall be referred to in this Agreement as the “Scope of Work”.

Independent Contractor shall additionally perform any and all tasks and duties associated with the Scope of Work set forth above, including but not limited to, work already being performed or related change orders. Independent Contractor has full discretion within the “Scope of Work” but shall not engage in activities which are not expressly set forth by this Agreement without written permission.

This Agreement shall be terminated at the conclusion of the Scope of Work. It may be terminated prior to the completion or achievement of the Scope of Work for cause by either party. Such termination shall not prejudice any other remedy to which the terminating party may be entitled, either by law, in equity, or under this Agreement. It shall continue under the same terms and conditions as set forth herein only by written agreement between the parties

- The Company may terminate this Agreement at any time by thirty (30) days’ written notice to the Contractor. -In the event of the Contractor has not fulfilled its requirements as stated in the contract, the contractor is liable to any lost profits, lost savings, incidental, indirect, special or consequential damages and/or costs. - With cause, immediately upon material breach of any term of this Agreement by either of the parties.

Contractor agrees to pay … for any violation of the covenant not to fulfil the Scope of Work agreed in this Contract.

B. Breach of contract
What can you do, towards who (in terms of liability claims)?

In the Independent Contractor Agreement, the two parties agreed that the contractor approaches investors (from the international investment scene), to invest in the company.

When the Independent Contractor does not behave like agreed in the contract, in this case the contractor is not approaching investors, then you can speak of breach of contract. In this case, the company is able to terminate the Independent Contractor Agreement prior to the termination date.

But besides the agreed contract, the company also wants to get a compensation for the monetary damages that occurred because the independent contractor failed to fulfil the service requirements. For example because they are not in the position like if the contract would have been performed normally. Or, because they incurred expenses from relying on the contract.

Slides 10-02 - Covenants
Monetary damages
- to compensate for not being in the position like if the contract would have been performed normally - to compensate expenses from relying on the...
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