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Contract law, - Case Study Example

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Summary
Every individual that is involved in a business or support function would need to sign a contract at some stage. It is a very common phenomenon in the business world. However, not many realise what should be the true form of a contract that can make them enforceable legally.
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Contract law,

Download file to see previous pages... Date of contract: The date should be provided very clearly on the contract that is agreed between the two parties.
Names of Parties involved: The names as well as their implied expressions should be mentioned very clearly in the contract.
Details of Services: The exchange of services should be very clearly documented - under within scope. For more clarity, an out of scope section should be mentioned.
Payment amounts & terms: The payment amounts (including mode of payment, taxes and interest/penalties if any) should be clearly mentioned.
Deadlines: All deadlines should be clearly mentioned in the contract.
Expiration Date: The expiration date of the contract should be very clearly mentioned which shall be treated as an automatic end of contract even if written exchanges have not occurred.
Damages against breach: The damages against breaches as per the provisions of law within the jurisdiction where the contract is signed should be included if agreed.
Termination conditions: The conditions against which the contract is terminated should be clearly mentioned and should again be as per the provisions of the law.
Signatures: Both parties should sign on all pages and the end of the contract. It is mandatory to include signatures of number of witnesses as required by the law of the land.
A typical contract is presented in the following sample:

This Agreement (hereafter referred to as "Agreement") is made on the ___________ day of _________, by and between:

, a company registered under Companies Act , having its registered office at , through its authorised signatory, Mr./Ms. (hereinafter called "Company" which expression shall where the context so admits...
Verbal contracts cannot be proved in the courts of law unless recorded on a valid machine and experts prove that the voices are of the representatives of the two parties (some call telemarketing companies use this mechanism when selling goods/services over phone). Both parties should sign on every page of the contract and on the last page which also needs to include more details (like designation, full address, etc.). Contracts can be executed on plain papers, stamp papers, E-mails and approved contracting applications. Normally, every contract should have the following content:
, a company registered under Companies Act , having its registered office at , through its authorised signatory, Mr./Ms. (hereinafter called "Company" which expression shall where the context so admits include its successors and assigns), of the First Part;
, a company registered under Companies Act , having its registered office at , through its authorised signatory, Mr./Ms. (hereinafter called ">" which expression shall where the context so admits include its successors and permitted assigns), of the Second Part.
The courts shall look into all the terms and the t ...Download file to see next pagesRead More
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