Essay on "Contract Have Been Well Established"
Essay 2 pages (735 words) Sources: 3
[EXCERPT] . . . .
Full agreement on each and every term of the contract is not necessary for the contract to be enforceable but the essential terms must have agreed upon.What constitutes essential terms and whether or not there are enough essential terms to constitute a contract is an issue for a court to determine. Under usual conditions the material terms of a contract must be agreed upon before a contract can be enforceable but, on occasion, there is a disagreement as to the material terms in which case the parties may be forced to seek court intervention. In any event, there must be sufficient agreement on the material terms of a contract in order for a contract to be valid and binding. Finally, all parties to a contract must possess the legal and mental capacity to enter into a contract. In the event that either form of capacity is lacking a contract cannot be formed.
Remedies for breach of contract vary according to the statutory and common law on the individual states. Depending on the circumstance of the breach and the terms of the contract in question, parties have several available remedy choices. As a general rule, there are two general categories of contract relief: damages and performance (Harris, 2006). In damage actions, parties seek monetary compensation for what they allege is a breach while where performance is sought the complaining party seeks to force the opposing party to perform in accordance with what they originally agreed upon in the contract. Determining which remedy is appropriate is for the parties, through the assistance of their legal counsel, to decide. Ordinarily, the parties must elect which remedy to seek. Under only rare circumstances are both remedies avai
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References
Badawi, A.B. (2010). Harm, Ambiguity, and the Regulation of Illegal Contracts. George Mason Law Review, 483-531.
Harris, D. And David Campbell, Roger Halson. (2006). Remedies in Contract and Tort. Oxford, UK: Cambridge University Press.
Perillo, J.M. (2009). Calamari and Perillo's Hornbook on Contracts.… READ MORE
Quoted Instructions for "Contract Have Been Well Established" Assignment:
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Having a clear understanding of the courts and where to file specific claims has provided your department with a good basis for where to start when a claim arises. With so many outside venders and human resource issues in today's business world, contractual claims are going to be one of the common claims that arise on a regular basis in many businesses.
The next primer you will prepare for your department's training series will acclimate your colleagues to the world of contracts. Prepare a 2- to 3-page document explaining the essential elements of a contract and the applicable remedies in the event of a breach. What is required for a valid offer? How can one accept an offer? What is the concept of consideration and what form(s) can consideration take in creating a contract? What factors must be considered in assessing the legal sufficiency of an offer, acceptance, and consideration in determining whether a contract is enforceable? In the event that a contract is formed and subsequently broken, what remedies are available to the non-breaching party under your state's law?
How to Reference "Contract Have Been Well Established" Essay in a Bibliography
“Contract Have Been Well Established.” A1-TermPaper.com, 2012, https://www.a1-termpaper.com/topics/essay/contract-been-well-established/8547929. Accessed 1 Jul 2024.
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