Rights of the Contract - Research Paper Example

? Contract 6th, September, Contract Contracts are legally binding agreements designed to protect the interest of two ormore parties on individuals. Ideally, contracts include the necessary legal statutory as required by the contract law (Ewan, 2005). Besides the legal aspects, contracts can be regarded as business documentations since they are more business oriented. Certainly, contracts are designed with an economic or a business orientation since definition of required regulations is made or defined through a business perspective (Atiyah, 2009). This paper presents a draft of the main contracts that were made by Nomar Loveless and Mia Remington during their marriage term and events that led to their separation. The contracts are based on agreements made between the couple to safeguard their common interests. Included herewith is a legal framework and procedures that led to the development of the agreements. Purchase and Sale of the family gun business STATEMENT OF AGREEMENT §1. Compliance and compensation Business partners Nomar and Mai hereby agree to transfer ownership and their shares and interest in the gun business. The business associates fully acknowledge the provisions of contract law and dissolution of partnership. In accordance to this compliance, the business partners agree to negotiate and reach a concrete agreement that will lead to the transfer. Conditions set forth in this agreement shall be implemented without fail and the partners shall be held to account for any form of discontent. Upon submitting their signatures, the associates shall commit themselves to the terms and conditions outlined in this contract. §2. Disclosures and rights Upon paying the principal amount, Nomar will receive the executive rights of the gun business. A sale price of $660, 000 shall be made as the initial contract fee without prior adjustments. The business partners shall accustom the value to evaluation. Further, the sum shall remain in the custody of the preceding legal officers until the business partners confirm their ability and willingness of continuation with the contract. Henceforth, the paralegal officer shall be held responsible for evaluating the contract to ensure that it complies with the legal statutory as outlined in the contract laws. Nomar shall acquire rightful ownership that will include executive powers to run the gun business upon payment of the principal sum. Henceforth, all legal procedures and requirements shall be based on his adherence to proper business ethics as outlined in their partnership accord. The principal sum will indicate Mia’s willingness of compliance to the business transfer contract. Thus, the sum will be a commitment for her 50% share ownership in the business. Following the first settlement Nomar will achieve executive rights to purchase all the business assets up to and including inventory, fixtures, trade license, and the remaining seven-year lease of the business store. Use and Disclosure; Rights The business partners shall agree on disclosure of rights and business freedoms as required by the law. Following a successful transfer of ownership, business partners shall be required to comply with regulation that regards to the nature of the business. Considering that the couple is involved in a sensitive business and one that is of national concern, the partners shall be expected to comply with confidentiality as required by the court. Unless authorized by a legal procedure, the business partners shall be expected to withhold any sensitive information that pertains to their business. A mutual agreement will be reached in accordance to the Uniform Commercial Code or otherwise. Henceforth, the business associate shall be accountable for any form of disclosure that threatens the very existence of the business or any form of security breach related to their business. In this concern, the associates shall agree not to disclose any sensitive information that would otherwise jeopardize the requirements covered in the business entity. Access to Books, Records and business information As stipulated in the initial agreement, Nomar shall be the sole custodian of the business’ title and the subsequent legal documents. In the incidence of rightful transfer of business ownership, Nomar shall authorize access to subsequent business records. This shall not apply to business records pertaining to the procedures and business activities that occurred while the two parties ran the business as a partner. Henceforth the new executives shall have legal rights upon upcoming business transactions and any legal documentation as required by the law. Consequently, the associate will have the rights to inspect structural records that pertain to the business’s operations. This shall include business titles, license, authorization documents and share certificates. Termination Rights Business associates included in these contracts acknowledges and confirms that the concerned entities shall have the rights and obligations to dismiss the agreement in the event that the partner or the business fail to comply with the requirements. The partners shall validate the material 21 days after a confirmed receipt. Otherwise, the contract shall be held null and void and the associates will be obliged to another contract. The contract shall also be terminated if the court or the preceding legal officer learns that the concerned parties have violated the terms of the contract in any way whatsoever. In this case, the court will have the authority to decide the conditions of a subsequent legal statutory that binds both parties. In the event, that the court declares the contract null and void, the business partners shall be required to make an appeal according to their will and wish for a new contract. The court shall not consider the following as a violation of terms and conditions stipulated on the contract 1. If Mia request an extension of the grace period pertaining to the contract 2. If a misinterpretation that does not show any form of intent occurs on the contract\ 3. If the associates request a correction of any term and or proceeding on the contract on any form of mutual agreement In regards to the above terms, the court shall be dully responsible for defining intent of violation as provided for in this agreement. Henceforth, the business associate shall not be required to rely upon their individual understanding of contract violation and disclosure of business information. The terms and conditions outlined in this contract shall be considered violated if Mia opens or operate a competing business within a vicinity of 20 miles from the actual business premise. This regulation will only apply will apply within 10 years upon the first contract. Thereafter Mia will be at liberty to operate similar or a related business without any form of restriction whatsoever. Transfer costs shall be made upon mutual agreement and the contract shall be based upon this compliance. All attorney fees up to and including transfer fees shall be passed to the rightful owner of the business premises and activities. The contract terms shall henceforth be found violated if Nomar fails to comply or make the necessary financial remittances as required. However, the financial remittances made by either party shall be solely for the transfer purposes and the associates shall not request any form of financial compensation outside the agreement. The terms of the contract shall be found violated if the associate request any form of financial compensations or payments without following the required legal procedures. In the event that the associates fail to meet the above procedures, the court shall dictate the legal requirements according to the contract laws. The associates will be henceforth required to adhere to the courts indictments on the contracts laws. The associates shall bear the costs of any inconveniences and requirements resulting from the above. Non-Waiver None of the parties shall insist compliance with any of the terms and agreements covered in this contract. The associates shall not have any legal mandate to enforce any form of rights or compliance with the above regulations. Moreover, the associate shall consider the gun business a legal entity until and upon a mutual agreement between the associates is reached. Contemporary and or subsequent defaults shall be set upon successful compliance with the agreement. Binding Effect This accord shall be binding upon the final implementation. Henceforth, the benefits and any form of enforceable by the concerned parties and subsequent heirs or otherwise. Neither this concurrence nor any other form of right shall be henceforth transferable by the associates without the provisions of the written content. The gun bushiness shall remain a legally covered entity up to and until the expiry of the transfer period. The agreement shall be pronounced complete upon successful transfer of ownership and business license. Unless stated otherwise or required by the court, Nomar shall receive the business licenses and other executive rights of the business by 5th December the same year. Survival and further assurances All agreements and representations contained in this or any other related legal document overrides connections and transactions that may proceed thereafter. Therefore, agreements that are submitted under this document shall survive delivery, execution, and performance. This survival shall be extended to other related documents. Further Assurances Parties and interests represented above shall confirm and deliver the required documents as provided in the main agreement. They shall also be required to state their intent and purpose against the respective documents. Acknowledged and agreed to by: [4] Date [9] [5] Date [10] Property Settlement Agreement In accordance to the mutually accepted separation, the parties stated above herewith agree upon the settlement of their joint property. This contract shall be legally binding and the concerned parties shall confirm their compliance appropriately. The parties acknowledge existence of joint properties and ventured interests and the need to make an amicable settlement. Therefore, this memorandum is in accordance to the party’s mutual agreement. Compliance and compensation Nomar and Mai hereby agree to waive inheritance claims against each other. All properties that are owned by the two partners shall be considered as joint property with no claims of inheritance in any way whatsoever. Individual property rights shall close down when the parties agree on amicable settlement. Thereafter, the partners shall declare all their inherited and jointly acquired properties as marital properties. The agreement made on this contract shall henceforth be used to settle the joint ownership. Moreover, the contract shall give direction on the custodians of Jeremiah. In regards to the constitution on child protection, Jeremiah will remain in the custody of his mother. However, the father shall be allowed his access upon mutual agreement with the mother on visitation. Disclosures and Rights Both parents will be accountable for the child’s education protection and wellbeing. Nomar shall pay child support fee of $4000 per month until the child attains 20 years of age. He shall also be required to provide or guide Mia on the child’s education and health insurance. Thereon, Nomar shall maintain irrevocable beneficiaries thereon for $500,000 until the youngest child attains 25 years of age. Thereafter Nomar will continue to pay the marital domicile mortgage balance of $80,000. He will also pass his interests of the same to Mia who will become the main custodian of their marital home. Further Nomar would hand over his 50% interest in the family business Last Rights Gun Shop.” This will be in his accordance to waive alimony permanently. Termination Rights The joint agreement shall be incorporated with the court’s verdict and it will remain independent of any alteration whatsoever. The parties shall have rightful authority to terminate the agreement in the event that the mutual agreement is interfered with without their consent. The parties shall contest the outcome of the alteration after an incubation period of 21 days. Upon maturity of the waiver period, dissatisfied partner will contest the matter in a court of law (Barnett, 2003). Hereafter the court shall decide and give directions on the same. Termination of rights will also be considered upon request by the concerned parties. Thereafter the court shall decide the appropriate direction for the same. Transfer of ownership rights shall commence upon review and submission of duly signed consent forms from each of the applicant. Thereafter physical transfer of joint assets will commence. Non-Waiver The joint property shall remain under legal mandate until all duly signed documents are submitted to the court. None of the parties shall have legal mandate to use any of the point properties as security or assurance. Agreements contained in this contract shall be implemented accordingly and they shall have a legally binding effect to the parties. No custom or legal authority shall accept or request the above stated assets as a surety against of the parties. The children shall remain under the custody of their mother until the court achieves the final settlement. The agreement shall remain independent of customs and practice directed or initiated by either party. Binding Effect With this accord, the agreement shall be implemented without any alteration whatsoever. Thereafter the parties shall acquire legal obligation over the joint properties. On the circumstance that the parties fail to reach an agreement, the court will review the issues pending approval. Unless approved otherwise, the court shall maintain sole control of the joint property. No alteration or ownership adjustment shall be made unless instructed or authorized by a court of law. The couple hereby agrees to maintain integrity while they await the court verdict. Upon submitting duly signed consent form, the court shall receive legal obligations over subsequent proceedings against the property rights. Acknowledged and agreed to by: [4] Date [9] [5] Date [10] References Ewan, M. (2005). Contract Law - Text, Cases and Materials. London: Oxford University Press Atiyah, P.S. (2009). The Rise and Fall of Freedom of Contract. London: Clarendon Press Barnett, R. E. (2003). Contracts. New York: Aspen Publishers Read More