Please write up 2 – 3 paragraphs for each of the following questions. Make sure to cite all of your sources.
Either an oral or a written agreement may create an enforceable contract that legally obligates another party. The parties will need to articulate the agreement in such a way that a court will enforce it in case either of the parties fails to perform it. In what kind of business situation would a party likely see the need to put that agreement into writing and why? (Identify and describe one business situation in which a contract is used and briefly explain the business purposes or reasons for putting the agreement in writing.)
A party who does not live up to an obligation under a contract fails to perform and is said to breach the contract. If a court finds that an enforceable contract has been breached, it will grant relief and “make whole” the party who has been harmed (injured) by the other party’s breach of contract. Most kinds of business loss can be calculated and compensated as a monetary amount, and so the court will award compensatory money damages. What would be an example of a business situation of loss that can be compensated by money and how would that monetary amount be calculated or decided? (Identify and briefly explain one such example.)
A party who does not live up to an obligation under a contract fails to perform and is said to breach the contract. If a court finds that an enforceable contract has been breached, it will grant relief and “make whole” the party who has been harmed (injured) by the other party’s breach of contract. Not all kinds of business loss can be calculated and compensated in money, so the court may grant non monetary relief (i.e., equitable relief). What would be an example in a business situation in which the remedy for an injured party could be some kind of equitable relief and how would that remedy help the party who has been harmed? (Identify and briefly explain one such example.)
