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Creation of contract terms - Coggle Diagram
Creation of contract terms
Terms of a contract
Express term
Damages
Unliquidated damages
An unfixed amount of money is not known in advance. A court decides on the fair amount for a breach of ctr.
Liqudated damages
A fixed amount agreed between parties and known in advance in case the ctr is breached.
Conditions
Ex. goods delivered by a certain time: TIME IS OF THE ESSENCE
Exclusion clauses
Ex: in car parks - site owners sate they dont hold responsab for any theft
Warranties
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
Indemntity clauses
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
Payment terms
Breaches
Material
Anticipatory
Fundamental
Specification
Technical drawings
Industry standards
Recipes or formulae
Brands
Samples
Termination
Performance
Prior agreement
Breach
Rescission
Completion
Price
One last thing
Russian front
Salami
Mother Hubbard
Good cop, bad cop
Log rolling
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
Implied terms
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
Offer
Consideration
Capacity
Acceptance
Intention
Conflict resolution
Negotiation
If seniors cannot reach an agreement through negotiation mediation is the next stage
Mediation
Arbitration
A non-judicial process where an independednt party aims to resolve the conflict