The Essential Business Contracts - Assignment Example

The Essential Business ContractsAwareness of the laws that govern contracts goes a long way to preventing fraud and all sought of illegal agreements. Proper scrutiny of contracts ensures fair transactions.Essay Question #1:Subcontractors are a branch of the main contract. The main contractors in most cases hire them to do finishing jobs like interior design. Mr Jones, the subcontractor should gain full understanding of the contract entered by the main contractor. By fully understanding the terms, the main contractor has with the government.

Mr Smith and Mr Jones should draft their own contract. The best contract should be identical to the main contract. Only then can the plights of the sub-contractor be addressed.Essay Question #2:The prospectus of making the software state is as a non-commercial product. This leaves all the rights to the software fully on the contractor’s hands. This includes the patent. ITI Inc. therefore needs to seek permission from the copyright holder. The product is also military weapons software; the laws on national security thus also bind it.

Essay Question #3A termination for default is when a government has the right to terminate a contract due to failure of poor performance of contractual terms (Stim, 2010). Termination of convenience involves prices agreed upon in the contract. A termination of convenience is preferred in this case, as it will create a greater platform for discussion.Essay Question #4:Mr Reliford may protest the termination. However if the contract does not give him any right to he may only consent for a reinstating.

Otherwise, the period he has worked is only moral and not bound by law. Reinstatement will only be done if it is in the best interest of the government.Essay Question #5Lieutenant Ace Ventura has been called back to active duty. This means that he is still member of the navy and still works for the United States. If he is to ask for a job, he should notify his current employer of his endeavours or ask his potential employer to withhold his job interest until he has communicated it himself. The two cases will avoid any breach of contract with his current employer.

ReferencesStim, R. (2010). Contracts: The Essential Business Desk Reference. Berkeley, California: Nolo Publishers