In this paper, I will reflect on the operation of contracts. Business law shows how contracts may be classified in several ways depending on the manner in which they are created, expressed, or performed. I have learned a lot from this course and I will use that to help write this paper. In the following paper I will discuss the oral or written contracts; I will discuss express or implied contracts, and will discuss formal or simple contracts. I will also discuss the impact of the contracts in a business and show the true propose of contracts. I will show what is needed in a contract to be legally enforceable. I will discuss how a contract must contain the following six elements: an offer and acceptances, a mutual agreement, a consideration, a competent parties, and legality of purpose, and proper form. All of this will be discussed in depth in the following paper.…
In order to terminate a contract because of impossibility to perform, there must be some change that makes it impossible for either the agent or the principal to perform the terms of the contract. Circumstance…
According to Miller and Jentz after a contract has been made, performance may become impossible in an objective sense. (2010) Impossibility of performance may discharge the contract. If the performance is too difficult or costly due to an unexpected event then a court will consider it commercially unfeasible or impracticable. Objective impossibility is based on three types of situations that qualify for discharge of contractual obligations. The first is when a party whose personal performance is essential to the completion of the contract dies or becomes incapacitated prior to performance. The second is when the specific subject matter of the contract is destroyed. The third is when a change in the law renders performance illegal.…
Including this clause permits the Government to terminate all or a part of a contract for its convenience, or for default, which signifies the Government did not think the contractor was performing adequately (BizFilings, 2012). Easy corp incomplete management reports, and invoicing problems, could constitute failure of performance to provisions of the contract.…
contract can be fired for good cause, bad cause, or no cause at all. In an at-will situation, either…
Contracts are an important part of everyday life. They are an essential part of business. As a student of a business law class, I will discuss in this paper several aspects of contracts. This paper will give a definition of a contract and the essential elements necessary to form a valid contract. It will briefly discuss breach of contract and the difference between a material breach and a nonmaterial breach of contract. Examples of legal and equitable remedies available for breach of contracts will be highlighted. Also, legal excuses for nonperformance or other grounds for discharge of contracts will be addressed. Finally, three types of common contracts personally and professionally encountered will be mentioned.…
Doyle Contractors has clearly stated the intent not to honor its contractual obligation before the time for performance. Because of this decision Ms. Woodside has an immediate right to commence a lawsuit. What this means is that although the time for the contract is not due, Ms. Woodside does not have to wait until after April 1st 2008 to sue for breach of contract under the contract term where there has been an anticipatory repudiation. (Spagnola, Ch.10)…
Section 126(1): a company’s power to make, vary, ratify or discharge a contract may be exercised by an individual acting with the company’s express or implied…
Both the business environment and the private sector use contracts as a means for agreement regarding transactions. For any contract to be legally binding four requirements must be met: 1) agreement, 2) consideration, 3) contractual capacity, and 4) lawful object (Cheeseman, 2010, p. 162). After the four requirements are met, it is the responsibility of each party involved to complete their respective obligations. Unfortunately, not all contracts will see completion. Events that arise in the course of the completion of the contract can cause breaches. Other times, one party in the contract fails in his or her obligation because of negligence. When contractual obligations cannot be fulfilled the injured party has certain rights to recover damages or force performance. In this paper the subject to address are situations that have arisen in various contractual scenarios. Based upon the contents of the contracts and causes of the contractual breaches, each scenario will address possible defenses and determine which party will win the suit along with potential remedies.…
If, after termination pursuant to this clause, it is determined for any reason that CONTRACTOR was not in default, the rights and obligations of the Parties shall be the same as if the notice of termination had been issued pursuant to General Condition 46, titled OPTIONAL TERMINATION.…
“CONTRACT DISPUTES REACH 15-YEAR HIGH”, was the heading of an article published, December 1, 2010 in the Government Executive. The heading in itself tells us that the government is doing more and more business by contract and as a result contractors who are lobbying for government business have become more aware of their rights to file disputes when it involves a loss of potential business. Because of this increase in disputes, the government must have a method of terminating contracts without suffering the financial liabilities that could result in millions and millions of dollars going to incomplete contracts and rebids to acquire a contractor for completion of unfinished contracts. This method of termination is known as a Default Clause which will be covered later in this paper. First we will look at a case that involves a contract dispute. The GAO file number: B-215789 which involves J.C. Hester Company, Inc who was awarded contract number: F34650-81-C-0158 with the Department of the Air Force. My reason for choosing this dispute case was because it requires that the individual look at all aspects of the case in reference to Disputes. Usually dispute cases depend on more than one aspect of the FAR. This case shows that not only the contractor but the contracting officer should pay strict attention to the reasons for the dispute. In this case knowledge of the Bids Protest Process area of the FAR is also required to determine if the recommendation by the Comptroller General was indeed valid and fair.…
three viable substitutions for the termination for owner convenience, delays and extension of time, and change orders clauses that have been stricken from the original contract. In this letter I will provide a comprehensive report over the three recommended clauses and discuss the reasoning behind my selections. The criteria utilized to determine the priority of the selected clauses focused on mitigating potential damages and limiting assumed liabilities. The recommended clauses are selected from general conditions section of the ConsensusDOCs 200 series referenced in ‘A Matrix of Selected Clauses In Three Standard Contracts’, per your request.…
implications and solutions." Public Contract Law Journal 36.2 (Wntr 2007): 263(14). Retrieved May 11, 2009 from General OneFile Database…
It is common in construction contracts to find determination clauses allowing either side to bring their contractual obligations to an end should an event specified occur due to the actions or inactions of the other. It would seem that common law determination and determination under a clause of contract are alternatives. There are differences between the processes. First, whereas common law determination depends upon repudiatory conduct or a fundamental breach, the grounds of determination specified by the contract need not exhibit these features, although frequently such will be present. Second, the remedies for common law determination are provided by law, whereas with a contractual determination the clause itself must expressly deal with the issue of remedies. Third, at common law in the face of repudiatory conduct or fundamental breach the innocent party need only indicate to the other that he accepts the breach and considers the contract discharged. Under a contractual determination clause the procedure specified must be carefully followed, failure to so may prevent a successful determination.…
Contingency Contracts = agreements that leave certain elements of the deal unresolved until uncertainty is resolved in the future.…