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Introduction to Business Law - Essay Example

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The research here will express the evident fact that the contract has to be upheld legally. It was signed by both parties and agreed upon therefore this paper will show that the law requires every party to hold up to their end of the signed agreement.
This case is pretty much simple to comprehend and legally it is basically self explanatory…
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Introduction to Business Law Essay
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Introduction to Business Law

Download file to see previous pages... The report states that the contract included a clause specifically stating that the seller would provide up to $500.00 for any necessary repairs, after inspection, at the closing of the deal. Now the buyers have had the house inspected and the inspector has informed them of two needed repairs. Due to the clause in the contract the seller is obligated to pay up to $500.00 in these repairs but no more than that. So in regards to the buyers possibly expecting more, legally that would be a breach of contract so they can only expect to receive the amount the clause states for the repairs. Any expenses above that and they are required to pay the additional fees. (Larson, 2003-2005).
Since there does not seem to be any specific clause such as: "Waiver clause, Liquidation Clause, Non-Waiver clause, etc then the only other logical means to go about settling the dispute would be to use an arbitration system. If this case were to go to a court of law then the seller would be forced to uphold their terms of the agreement in the time that was specified. ...Download file to see next pagesRead More
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