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Corporate Law- Contracts
Corporate Law- Contracts
8
Law
Post-Graduate
06/28/2014

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Cards

Term
What should you put in a contract regarding breach of contract?
Definition

For breach of contract, you get time to cure b/c you don’t want the relationship  to just go away so you give the party in breach of K time to make things right

Term

When drafting a contract, what should you always ask the client regarding automatic outs?

 

Why?

Definition

Always ask client if you want to to get an automatic out of a K in case they client ever things they want to change their mind and get out of K. Always ask clt this. “do we need an automatic out.”

Term
What is the representation in a contract?
Definition

a stmnt other party is making that is inducing the pty to enter into the contract (i.e. I will perform in a professional manner)- you represent why you are entering into the contract

Term
What do you do in terms of the contract regarding warrant?
Definition

During the term of the K you will warrant all this stuff (i.e. if they don’t send professional folks, then that would be breach of k)

 

I.e. you make sure that you put in the provisions that the vendor with whom your are contracting must send professionals to your job-site. Failure to do so would constitute breach of the contract?

Term
What do bracketed information in a contract mean?
Definition

Brackets [] mean that you either include it in a k or don’t include in k if it fits with the situation.

Term
In a contract, what provisions should you consider adding if the people around you are not going to be supervised?
Definition

If people are not going to be supervised while on your presmises, Good idea to have people who are coming into building have a background check done- good thing to include into contract.

 

Also have financial background check to keep financial stuff up.

Term
What is indemnifcation?
Definition

Indmenification- when you pay a judgment on someone else’s behalf when it was their fault, you can imdeminify them to get the $$ back. So for example, if your partner causes a law suit for breach of k and you loose money, then you can get them to imdemnify you

to get your money back.

Term
What is force majeure?
Definition

Force majeure clause basically says that you are not liable for any delays in a contract if something like war, terrorism, etc. causes a delay, you can’t sue over it. Basically if it’s out of the person’s control, you can’t sue them for it

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