The creation and management of contracts is fundamental to business practice. Choose a contract that your organisation has entered into, or another if that is more appropriate, and then answer the following questions
a) Offer and acceptance are essential elements in the formation of a contract. Explain the offer and acceptance phase of your contract.
b) Discuss the subject matter of the contract. For example, does it involve the purchase of equipment or the provision of services or is it of some other nature? Identify any proprietary rights that either party to the contract may possess in relation to the subject matter of the contract. Discuss the nature of those proprietary rights.
c) The contents of a contract are its terms. Discuss the difference between terms that are conditions and those that are warranties. From your contract, identify and discuss a term that is a condition and a term that is a warranty. Explain why you have classified the terms in this way and the implications of your classification.
d) Disputes often arise during the performance of the terms of a contract. Discuss the mechanisms in your contract for the resolution of disputes.
e) Describe the contract management practices which were followed that supported or hindered implementation of the contract. In your answer address the issue of how effective management practices protected the parties to the contract from legal action or how ineffective management practices exposed them to legal action.
1. If you have any sensitivity about criticising your own organisation, or any other organisation, remove any specific reference to the identity of the organisation, the people within it, or the identity of any contract referred to.
2. You should include a statement of the relevant clauses from your contract that are the basis of your discussion.
3. You are free to choose a simple contract for the sale of goods or land as the basis of your discussion.
4. As this is a legal studies assignment, it is expected that you will discuss appropriate legal principles, cite cases and statutes (when relevant) to support your answers. This will necessitate you doing some research.