pick one of the following topics to research on the Internet: (300 wrds min) Qua
ID: 381162 • Letter: P
Question
pick one of the following topics to research on the Internet: (300 wrds min)
Quasi-contract theory
Breach of contract
Liquidated damages
Equitable adjustments
Privity of contract
Limitation-of-liability or
Changes clause
Conduct an internet literature search of your particular topic and relate that research to the textbook.
In your discussion posting, state the topic, the definition, how it pertains to your business or organization, and any issues or constraints you would like to share
book: fundamentals of business law today, 10th edition, roger miller
Explanation / Answer
Breach of Contract:
Definition:
When a party from business contract fails to fulfill any stated obligation in contract in legal terms would be considered as breach of contract. Breach of contract will depend on specifications of contract, which specification being failed by any of the party. Both party has agreed to terms of contract and from each of party who break the terms legally breached the contract.
Example:
Alex agreed to contract with Ben to deliver the 100 footballs on Sunday with selling price of $50, but Alex fails to deliver footballs until Tuesday and costed $75 to deliver, in this scenario Alex breached the contract by late delivery and agreed price of $50.
- Consequences of breach of contract:
When in business one party breached the contract another party want to end the contract if the problem is persistent and if they want to recover the contract they will renegotiate the terms and rules of the agreement. In contract if a dispute does not resolve both parties will mutually terminate the contract. Parties can appoint and bring in any arbitrator if they don’t want to talk or discuss face to face and in this scenario all the problem would be solve through arbitrator.
When breach involves any lawsuit the court will be involved in settlement of that case and in that disputes relationships of both parties will soar. People and business involved in this contract would affect heavily.
There are certain steps would be taken for remedy of contract.
- Damages
- Cancellation
- Restoration
When another party wants to terminate the contract and want to get paid for the lost reputation they will seek monetary damages from party who have breached the contract.
If party agrees mutually and wants to end the agreement they will mutually terminate the contract and would part from each other.
If party agrees and want to restore the contract they will restore and renegotiate the contract mutually.
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