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Business Law Week 3 Essay

900 words - 4 pages

Complete the following, placing it in a single Word document:
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 2–3-page, double-spaced document explaining the essential elements of a contract and the applicable remedies in the event of a breach. What ...view middle of the document...

This is the reason contracts hold remedies against a party that fails future performance.
When a party fails to fulfill a contract, it is known as a "breach" of the contract. Depending on the contract, a breach can happen when a party fails to perform on time, does not perform with the terms of the agreement, or does not perform what so ever. A breach of contract will usually be “categorized as either material or immaterial for purposes of determining the appropriate legal solution or remedy for the breach.” (Dodds, J). When a party breaches the contract, the other party is entitled to relief, or a remedy, under the law. “The main remedies for a breach of contract are (1) damages, (2) specific performance, (3) or cancellation and restitution.” (Dodds, J). The most common method used to resolve a breached contract is through lawsuits and the court system. If the amount at issue is below $3,000 to $7,500 (depending on the state) the parties may resolve their issue is the small claims court.
When forming a contract, several topics must be specifically satisfied. All contracts need legal competent parties, a genuine agreement (an offer by one, accepted by another), involvement of a legal transaction, supported by consideration, and an exchange of something of value between the parties. (Riggs, R).
For a contract to be actually valid, contracts require contractual capacity, agreement, legality, and consideration. The main question involved with contracts is whether the parties formed an agreement that involved consideration. Consideration is something of value that each person agreed to exchange in the future. “Consideration’s value is in the eye of the beholder. This is particularly important because the element of exchange is more important than the actual value of the...

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