P4 P5 D1 - Unit 21
P4: Describe the meaning of terms in a standard form contract
P5: Explain the effect of terms in a contract
D1: evaluate the effectiveness of terms in a given contract
In this assignment I will be…
Describing the meaning of terms in a standard form contract.
Explaining the effect of terms in a contract
I will also be evaluating the effectiveness of terms in a given contract.
A standard form contract is a contract made between 2 or more parities using their standard set of terms. A contract is a set of mutually agreed promises made between 2 or more parties with the intention of creating a legally binding agreement. It is important that the people involved in signing the contract know exactly what they are agreeing to.
Types of terms
The statements made by the parties under negotiation that are not meant to form part of the contract are called representations. The thing that the parties perform under the contract is called the terms of the contract. For example the co-operative UK breakdown cover has parts in the contract that will benefit both the customer and the insurer. These benefits have been made between the customer and the insurer under negotiation and will have to proceed with the terms of the contract.
There are two types of terms which can be found in a contract, these are… * The express term - Clauses in the agreement that are agreed to by both parties. * The implied term - Part of the contract not necessarily included by the parties but automatically included by the law to protect all parties.
Express terms are statements made between the parties. These statements can either be made by word of mouth or in writing and the parties intend that these terms will create the fundamental part of the contract. For example, when a customer talks to the insurer of the co-operative UK breakdown cover the agreements of the statements that are going to be made can be made by talking about the agreement or writing the agreements down on paper and then
P5: Explain the effect of terms in a contract
D1: evaluate the effectiveness of terms in a given contract
In this assignment I will be…
Describing the meaning of terms in a standard form contract.
Explaining the effect of terms in a contract
I will also be evaluating the effectiveness of terms in a given contract.
A standard form contract is a contract made between 2 or more parities using their standard set of terms. A contract is a set of mutually agreed promises made between 2 or more parties with the intention of creating a legally binding agreement. It is important that the people involved in signing the contract know exactly what they are agreeing to.
Types of terms
The statements made by the parties under negotiation that are not meant to form part of the contract are called representations. The thing that the parties perform under the contract is called the terms of the contract. For example the co-operative UK breakdown cover has parts in the contract that will benefit both the customer and the insurer. These benefits have been made between the customer and the insurer under negotiation and will have to proceed with the terms of the contract.
There are two types of terms which can be found in a contract, these are… * The express term - Clauses in the agreement that are agreed to by both parties. * The implied term - Part of the contract not necessarily included by the parties but automatically included by the law to protect all parties.
Express terms are statements made between the parties. These statements can either be made by word of mouth or in writing and the parties intend that these terms will create the fundamental part of the contract. For example, when a customer talks to the insurer of the co-operative UK breakdown cover the agreements of the statements that are going to be made can be made by talking about the agreement or writing the agreements down on paper and then