Contracts: Binding Agreement
Contracts
A contract is an agreement that exists between two individuals or entities. It gives them the right to either do or cease from performing a specific duty. There are various conditions of contract performance that should be enforced and they include: the two parties involved must both comprehend becoming a component of the contract due to their presence by proposition. The two parties must both complete an existing course before becoming liable to the other. Concurrency must be applied by both parties which mean that both the parties should perform their duties simultaneously.
A contract can be breached when the condition of contract performance failed or was intentionally forfeited. It means that the binding agreement was not honored by either the parties involved or one party. A contract can also be breached when one party interferes with the other party’s performance. Lastly, it can also be breached when one party or both parties does not honor the terms and conditions mentioned in the contract.
The law can allow for a contract to be discharged when almost all the conditions entailed in the contract have been met as promised, but due to unavoidable circumstances, there is a sling change in the original terms. In this case, the court will excuse nonperformance because of the unavoidable conditions thus end up discharging the contract. For example, suppose a student promised to complete his/her assignment before 3PM as agreed by the teacher, but due to power-shortage he was not able to complete the assigned task until 7PM when the power-shortage was solved. In such a case, it can be considered that the student completed his assignment at a timeframe that was reasonable thus the contract is not breached.
A contract is an agreement that exists between two individuals or entities. It gives them the right to either do or cease from performing a specific duty. There are various conditions of contract performance that should be enforced and they include: the two parties involved must both comprehend becoming a component of the contract due to their presence by proposition. The two parties must both complete an existing course before becoming liable to the other. Concurrency must be applied by both parties which mean that both the parties should perform their duties simultaneously.
A contract can be breached when the condition of contract performance failed or was intentionally forfeited. It means that the binding agreement was not honored by either the parties involved or one party. A contract can also be breached when one party interferes with the other party’s performance. Lastly, it can also be breached when one party or both parties does not honor the terms and conditions mentioned in the contract.
The law can allow for a contract to be discharged when almost all the conditions entailed in the contract have been met as promised, but due to unavoidable circumstances, there is a sling change in the original terms. In this case, the court will excuse nonperformance because of the unavoidable conditions thus end up discharging the contract. For example, suppose a student promised to complete his/her assignment before 3PM as agreed by the teacher, but due to power-shortage he was not able to complete the assigned task until 7PM when the power-shortage was solved. In such a case, it can be considered that the student completed his assignment at a timeframe that was reasonable thus the contract is not breached.