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When selling a business or services, it is imperative that a detailed business sales contract be drafted which would define the…
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Business Sales Contract Assignment Questions Harris Kamran Business Studies November Harris Kamran Business Law Assignment Questions
1 November 2012
Business Sales Contract Assignment Questions
Deciding whether the furniture is part of the deal depends upon the general understanding of a sales contract. When selling a business or services, it is imperative that a detailed business sales contract be drafted which would define the various parties involved, the goods and services to be sold, the method, amount, and duration of payment, and other such relevant details (Jentz, Miller, and Cross). It should be noted that whatever is included in the contract is binding upon both the parties, that is, the buyer and the seller. However, the additional information or dealings which do not form part of the final written contract are not binding upon either of the parties and are liable to dispute and debate (Jentz, Miller, and Cross). In this scenario, both the parties have agreed to the sale of the warehouse, and thus is mentioned in the final contract. This effectively constitutes the consideration element of the contract, that is, something of value is being sold and purchased for the set amount (Jentz, Miller, and Cross). As much is binding on both the parties. However, there is no mention of the furniture stored in the warehouse in the contract. This could take either of the two courses of action: if the seller is willing to include the furniture in the transaction, they can out of their own free will, and only after assuring that there are no claims or restrictions attached to such a sale (Jentz, Miller, and Cross); however, if the seller is not willing, it is not binding upon them to include the furniture in the final sale even though such intentions were previously expressed in some mutually exchanged emails. This is because of two reasons: firstly, such emails were not part of the legal proceedings, and did not form part of the final sales contract; and secondly, the contract clearly states that it supersedes all other related negotiations. Therefore, both the parties are responsible for only that which is specified in the contract according to the clause of the intention of legal consequences, that is, the contract being binding on both the parties (Jentz, Miller, and Cross).
If the contract explicitly expresses the sale of the furniture in the warehouse, such a sale would then become compulsory on the seller, and they would be obliged to include the furniture in the deal. A sound contract requires that the details of such goods be included in the contract, including the types, serial number, make, price, and other relevant information about the individual goods (Jentz, Miller, and Cross). In this scenario, whereas the contract does specify that the furniture is to be sold, it does not express the exact amount of the sale and purchase of the furniture. This, however, does not nullify the contract as regards the sale of the furniture. This is because whereas it is important that a contract includes this detail, it is not a prerequisite for the legality of the contract, and the bare mention of the sale of the furniture in the contract fulfills the element of consideration of the sales contract, in which a valuable service or goods are specified (Jentz, Miller, and Cross). The price is left to the discretion of the parties, to be determined by mutual agreement and settlement. Therefore, the parties can enjoy flexibility and negotiations. This is usually done through their solicitors (Jentz, Miller, and Cross). However, if the parties cannot agree to a mutually acceptable sum, and the sale has come to a standstill, it can be left to the court to decide a price for the furniture in accordance with expert opinion. This will result in the involvement of a third party, which in this case would be the court (Jentz, Miller, and Cross).
Works Cited
Jentz, Gaylord A., Roger LeRoy Miller, and Frank B. Cross. Wests Business Law:
Text, Summarized Cases, Legal, Ethical, International, and E-commerce Environment. Ohio: Thomson/South-Western West, 2004. Print. Read More
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