Analysis Of Commercial Contracts Versus Government Contracts

5241 words - 21 pages

Analysis of Commercial Contracts v. Government ContractsSubmitted by Tamia McCoyBusiness and Government ContractingContracts are promises that the law will enforce. The law provides remedies if a promise is breached or recognizes the performance of a promise as a duty. Contracts arise when a duty does or may come into existence, because of a promise made by one of the parties. To be legally binding as a contract, a promise must be exchanged for adequate consideration. Adequate consideration is a benefit or detriment which a party receives which reasonably and fairly induces them to make the promise/contract. For example, promises that are purely gifts are not considered enforceable because the personal satisfaction the grantor of the promise may receive from the act of giving is normally not considered adequate consideration. Certain promises that are not considered contracts may, in limited circumstances, be enforced if one party has relied to his detriment on the assurances of the other party.Contracts are mainly governed by state statutory and common (judge-made) law and private law. Private law principally includes the terms of the agreement between the parties who are exchanging promises. This private law may override many of the rules otherwise established by state law. Statutory law may require some contracts be put in writing and executed with particular formalities. Otherwise, the parties may enter into a binding agreement without signing a formal written document. Most of the principles of the common law of contracts are outlined in the Restatement of the Law Second, Contracts (http://www.ali.org/ali/contract.htm), published by the American Law Institute. The Uniform Commercial Code, and the FAR whose original articles have been adopted in nearly every state, represents a body of statutory law that governs important categories of contracts. We will be focusing on commercial and government contracts and how they differ in many different aspects.Commercial ContractsContracting with the US government is based on the same principles as commercial contracting and can be very profitable, but is sufficiently different from commercial contracting and requires special care. Persons entering into contracts in the commercial arena are pretty much free to do anything they can agree on. Each represents his own interests and can obligate himself in any way he wants to obtain the benefits he perceives to flow from the contract. If one or both persons are represented by agents, usually employees, commercial contracting law allows the agents to proceed to form contracts based on generally accepted notions of commercial reasonableness. In essence, the law allows each side to rely on the other person's presence to establish authority to make a binding contract. In general, the law favors the creation of commercial contracts in order to facilitate business.Commercial Contracts are used as a result of the Federal Acquisition Streamlining Act of 1994...

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