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Breach Of Acceptance And Prevision Agreement In A PYE Contract

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In my PYE contract, I included the following provisions, offer, acceptance, consideration, modifications, covenant, notice, non-compete, exculpatory, third party beneficiaries, breach of contract, exculpatory clause, and condition precedent The following provision offer is needed in my PYE contract. The term offer is a promise in exchange for performance by another party. It is needed in my contract because it sets the guidelines of what is happening between the two companies. In this case the offer is that PYE is going to license their name and designs to other companies and the other companies are going to manufacture the products for them and give them a percentage of the profit that is earned. The following provision acceptance is needed in my PYE contract. Acceptance is an understanding between two or more legally competent parties. It is important to add in my contract because it shows that both companies understand the terms of the contract and agree to follow it. In this case the agreement is that PYE is going to license their name and designs to other companies and the other companies are going to manufacture the products for them and sale it. After the companies sell the products they have to give PYE a percentage of the profit. If both companies do not…show more content…
Breach of contract is a legal cause of action in which one or more of the parties do not honor a binding agreement or a bargained-for exchange. It is important to have in my contract because it makes sure that the manufacturing companies understand that they have to follow all the terms of the contract or consequences would occur if they do not abide by them. The agreement between PYE and the manufacturing companies is that PYE will give the manufacturing companies there name and there designs for them to make and the manufacturing companies have to give PYE a percentage of the profit they make as part of the licensing
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