Creation of contract terms - Coggle Diagram
Creation of contract terms
Terms of a contract
An unfixed amount of money is not known in advance. A court decides on the fair amount for a breach of ctr.
A fixed amount agreed between parties and known in advance in case the ctr is breached.
Ex. goods delivered by a certain time: TIME IS OF THE ESSENCE
Ex: in car parks - site owners sate they dont hold responsab for any theft
Secondary terms - those that relate to payment, damages or faolure to perform. WARRANTIES ARE A SECONDARY TERM.
Primary terms - those relate to products or services being supplied
Costs or debts
Loss or damage to the buyer's property due to negligent or defective work
Business losses experinced due to a supplier's poor proffesional advice
Recipes or formulae
One last thing
Good cop, bad cop
Take it or leave it
Retention of title
states when the ownership transfers
only applies to products not services as they are never physically owned
they are set by national law, do not have to be written or verbally agreed. They always exist
Standard term or model contract is a pre-written ctrs are agreements between two parties where the terms are defined by one party and not open to negotiation
The five stages of forming a contract
If seniors cannot reach an agreement through negotiation mediation is the next stage
A non-judicial process where an independednt party aims to resolve the conflict