Individual assignment-contrats - 275 Words

Individual assignment-contrats (Essay Sample) Content: Individual assignment: contracts Name Course Date Introduction A contract refers to an agreement that has lawful object entered into by two or more parties, an aspect that is done voluntarily with an intention of creating some legal obligations among them. The elements included in an agreement include the aspect of acceptance and offer by people who are competent, and said to have a legal capacity while exchanging consideration as a way of creating mutuality of obligation. Contracts can either be formal or in writing, by conduct, or orally. The remedy that is involved with breaching a contract is compensation of money, or injunction enforced after special performance. A contract is also said to be a promise that is formed between two or more parties, and which is enforceable by law. The occurrence of a contract is led to an offer made, and an acceptance enhanced. An agreement is said to be a cross reference involving different persons that may be oral, written, and lies upon the parties to honor its fulfillment. Contracts are agreements, and there is the involvement of mutual understanding between the participating parties. This paper has detailed information regarding contracts and aspects surrounding them. As indicated, contracts are agreements where there is the involvement of mutual understanding between the participating parties. An agreement is said to be a cross reference involving between different persons that may be oral, written, and lies upon the parties to honor its fulfillment. The case below regarding ken and sweets is taken to be a contract, which was done orally. The fact that sweets accepted to participate, and also promised to deliver the items denotes that there was the creation of a mutual understanding. This contract is one which is enforceable before the law. Sweet was supposed to have delivered the items on the required date. Sweet, however, is said to have breached the contract as he failed to fulfill pa rt of the contract, or agreement they had with Ken. The remedy that is involved with breaching a contract is compensation of money, or injunction enforced after special performance. The damages paid to a person after a breach of the contract are viewed in various aspects. They include expectations, reliance and restitution. The type of breach is determined by the type of contract that was enforced between the participating parties. The first step that is undertaken after a breach of contract is what the contract stipulated, and whether it was written, or oral. The other aspect that is looked at is if the agreement was business to the customer, or business to business. There are various damages awarded after a breach of contract including compensatory, nominal, accounts of profits, non-monetary, and liquidated. Ken is trying to pursue compensatory damages. These are damages, which are offered by the court to the affected party, as a way of compensating for the loss achieved. Ken see ms to also fight for expectations damages as he states that if the sugar was delivered on time, he would have made a lot of profits. The awarding of a damage that relates to a breach of contract has various factors examined. Some of these include the type of contract that was involved. This is the case with ken and sweet. Sweet after breaching the contract was supposed to cater for the loss that ken suffered. Ken pursued expectations and compensatory damages. Sweets said that ken is entitled to compensatory damages alone an aspect that is correct. Compensatory damages are also called the actual damages. These are the damages that ken should have been awarded. Compensatory damages are divided into general and special. General compensatory covers the loss in a direct and necessarily incurred after the breach of contract. These are most common, and which are mostly awarded. Special compensatory damages or otherwise called consequential damages, are awarded after some an unpredictable c ircumstances happens, and leads to the breach of contract. The case of Ken required that he be awarded special compensatory damages as some circumstances led to sweets being unable to deliver the items on time. Based on the condition of the case, ken can as well fail to get the compensatory damages aspired. This can arise as an aspect relating from their contract. In cases that ken fails to get the general or special compensatory damages, ken can as well push for expectation damages. Expectations damages occur as a result of identifying the expectancy that was as a result of the promise. Since ken was expecting that, during December he would make a lot of profits, this is an aspect that should be awarded in terms of damages. The fact that ken accepted to make profits, had made him expectant to making greater sales as a result of the Christmas season. Transvac have no right to increase their bid after a contract is awarded. This is an aspect that should have been done before the cont ract was awarded. The increase of price can only be awarded by the university towards Thomas if there is need be that the increase is necessary. The fact that Thomas increased the price was used as a way of enticing the company to do its job to evade them from being incompetent. ...