The issue in this case is whether Big Board has breached contract and the damages available to Specialty and the reasoning behind them. Breach of contract is a situation that occurs if one or both of the parties do not perform their duties as specified in the contract. If a contract has not been discharged or excused, the contracting party owes an absolute duty (covenant) to perform the duty. There are 3 levels of performance of a contract, complete, substantial and inferior. Complete performances discharge the parties from the contract. The complete performance occurs when a party to a contract renders performance exactly as required by the contract. Tender of performance is an unconditional and absolute offer by a contracting party to Inferior performance constitutes a material breach of the contract. It arises in a situation in which a party fails to perform express or implied contractual obligations and impairs or destroy the essence of the contract. Anticipatory breach is a breach that occurs when one contracting party inform the other that he or she will not perform his or her contractual duty when due. Where there is an anticipatory repudiation, the nonbreaching party’s obligations under the contract are discharged immediately and has right to sue. The nonbreaching party doesn’t need to wait for the actual performance. The nonbreaching party may recover monetary damages from breaching party. The types of monetary damages rewarded include compensatory, consequential, liquidated, and nominal damages. Compensatory damages is an award of money intended to compensate a nonbreaching party for the loss of the bargain. Compensatory damages place the nonbreaching party in the same position as if the contract had been fully performed by restoring the benefit of the bargain. Consequential damages are special foreseeable
If a breach of contract is both material and opportunistic, the injured promisee has a claim in restitution to the profit realized by the defaulting promisor as a result of the breach. Liability in restitution with disgorgement of profit is an alternative to liability for contract damages measured by injury to the promisee.
As a result of the breach, I am pursuing legal options to mitigate my losses; court precedence allows me to do such a thing as shown in the case of “Sons of Thunder Inc. vs Borden Inc. In it, the case was allowed to go to court based on the ruling of a breach in the Good Faith and Fair Dealing clause that developed throughout their business relationship. As a result of the case proceeding, Borden was found guilty of violating the Requirements Contract (among other grievances mentioned in their case) and was ordered to compensate Sons of Thunder Inc. for the loss in result to the breach. (Sons of Thunder Inc. vs Borden Inc. 1997)
When discussing the concept of contract law, there exist two bodies of legal rules that may apply to the contract. These bodies are the common law of contracts and Article 2 of the Uniform Commercial Code or the UCC. The common law of contracts is court made and is constantly changing, but the UCC is required in every state within the U.S.A. It is important to know which one to use and when, as well as what the differences between them are.
When parties enter into a bilateral contract, “an agreement in which the parties exchange promises for each to do something in the future,” each must hold true to his/her promise (Bilateral Contract, n.d.) When is a contract considered fully executed? What happens when one party fails to fully comply with clauses stated in a contract? What recovery is available for the non-breaching party, if fall-out occurs from improper actions of the other party immediately after execution, but before payment is made? These are some of the questions that will be answered in the following scenario and subsequent negotiation.
"A contract is a legally enforceable promise or set of promises. In other words, when promises have the status of contract, the contracting party harmed by a breach of the contract is entitled to obtain legal remedies against the breaching party" (Mallor et al., 2015, p. 320)
The will be in question the adequate amount of compensation, the degree that the all parties involved have failed to perform and will suffer forfeiture along with the behavior of the parties that have failed to perform with the values of goods faith and fair dealing.
When applying to law schools, it was imperative that I find an institution that offered legal clinics and student groups in the areas I am most passionate about. Thankfully, I discovered what Georgetown University Law Center has to offer. Georgetown Law is home to the Domestic Violence Clinic, Georgetown Street Law Program, and the Harrison Institute for Housing and Community Development. The work of these three programs alone, made it instinctive for me to write this letter to express my commitment to attend Georgetown Law if admitted.
Carolyn tells her, "Well I broke a dinner plate a year or two ago and
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
Analyse the range of remedies available to a business in case of breach of contract
There are two general categories of damages that may be awarded if a breach of contract claim is proved. They are:
(Insert Citation p 305). Consideration refers to the attained good or service agreed upon by each party under a contract. Contractual Capacity is the legal ability to enter into a binding agreement. Some factors that affect contractual capacity are: age, mental health and agreements under alcohol intoxication. Last but not least is the legal object, which means that for a contract to be enforceable it must be of legal intent and comply with public policy. If all of these factors are present in a contract, we can conclude that a binding contractual agreement exists and it is enforceable by law.
Breach of a contract – failure or refuse to perform than the contract has been breach than the other party has the right to terminate the contract.
Each clause in the contract will address a specific component related to the overall subject matter of the agreement. The role is to clearly define the duties, rights and privileges that each party has under the contract terms and conditions. Two examples of clauses are Time of Performance Clause and Arbitration Clause. Time of Performance Clauses designate time frames when contract duties have to be met. This contract relies on an action being performed within a specific period of time When time is of a factor and limited, a breach of contract can’t occur if the duties are not performed within a reasonable amount of time. This is only applicable if this clause is stated in the contract. An Arbitration Clause simply states that in case any legal differences or disputes between parties do happen, they must be resolved through arbitration in place of
Specific performance generally is an equitable remedy granted by the court imposing an obligation on the party who is intended or have committed a breach of contract to perform his duty. It is a proper method of compelling the defendant to perform a positive obligation of his own under the contract entered into between him and the plaintiff.[ Halsbury Law of Schools] With the order for specific performance, the party in breach must perform his obligation.