This week we learned about conditions, drafting contracts, remedies, damages, and contract interpretation.
“A condition is a contract clause which modifies the basic agreement between the parties” (D. Greaves, Week 5 lecture, Page 2). There are two types of conditions; precedent and subsequent. Condition precedent modifies the agreement before it’s an agreement. Condition subsequent modifies the agreement after the agreement is completed. Conditions can also be express or implied. Express simply means that it was put in writing and implied means it is assumed to be included.
Depending on the type of contract you may be drafting, there is most likely a form that will help you. Putting contracts in the easiest form to understand is very important. You will want to make sure that all parties are able to read and understand everything fully. There are a lot of questions to consider when drafting a contract to make sure that you have everything covered. One example would be, is time a stipulation? If it is, you would want to make sure that you include all information required to make sure all parties involved know exactly how much time. For instance, if you have two weeks to complete something, you will need to know when that two weeks starts. Another example would be, does the contract need to be notarized? If for some reason, your contract is not notarized it may be null and void, if those certain requirements are not met.
“A legal remedy is an award of money, also called damages: a case requesting damages is called a case at law. An equitable remedy is nonmonetary; it involves court orders” (Vietzen, 2011, p 229). Examples of damages would be compensatory, consequential, reliance, and liquidated. Compensatory damages help compensate the non-breaching party to a contract and can also be referred to an expectation damages. They are the benefits that were expected as a result of the contract. Reliance damages are cost that a party may have incurred because they relied on the contract. An example of reliance would be if a contractor was told he would receive half the cost of building a home after he completed half the work. The contractor relied on receiving half the cost of building a home after he completed half the work. “Liquidated damages are...