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Contract Law: Determination of Damages and Remedies Name Institutional Affiliation Contract Analysis Scenario One-Damage determination in a Contract A contract is a special agreement between two or more people or organization with the aim of carrying out business together. A contract serves a special function in that it binds the two or more parties together to put their dedication towards working together. In the business contract specific goals and objectives are highlighted that the parties should achieve to call it a successful one. However adherence to the business contract by the participating parties is a very vital thing. When work is not done according to the contract then it is said to have been breached and legal actions can be taken to the party responsible for the breach of the laid down agreement. Determining damages in a contract is another primary thing to be considered when a contract is installation could be canceled and that could need compensation from Mundo by Extra. More so Extra would have the right to be supplied goods and services at the previous existing prices after Mundo’s prices seemed to rise after the banning of Mundo’s competitors. The remedies signed by the two companies would still be valid and existing at the previous prices. This would have affected Mundo largely since it would not have a chance to enjoy monopoly into the market besides being the only existing company. References Ashley D. (2017). Remedies for Breach of Contract: Formula for Expectation Damages. Retrieved from study.com G. G. (2011). Contract Law and Economics. Cheltenham: Edward Elgar Pub. Jessica T. (2017). Types of Damages Available for Breach of Contract. Legal Match. Retrieved from www.legalmatch.com P. Balcarczyk J. & Drela M. (2011). Contract law in Poland. Alphen aan den Rijn The Netherlands: Kluwer Law International. Retrieved from http://www.worldcat.org/title/contract-law-in-poland/oclc/704908564 [...]

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Final Contract Analysis APA need it by 10 pm on 09/27/17 for my business law class.. 1000 words citations and a reference page Note: This is a two-part assignment that consists of two different contract analysis scenarios. Please answer both scenarios on one document, and upload it to Blackboard. Contract analysis scenario one—damages determination: Alfred and Barbara own adjoining farms in Dry County, an area where all agriculture requires irrigation. Alfred bought a well-drilling rig and drilled a 400-foot well from which he drew drinking water. Barbara needed no additional irrigation water, but in January 1985, she asked Alfred on what terms he would drill a well near her house to supply better-tasting drinking water than the county water she has been using for years. Alfred said that because he had never before drilled a well for hire, he would charge Barbara only $10 per foot, about one dollar more than his expected cost. Alfred said that he would drill to a maximum depth of 600 feet, which is the deepest his rig could reach. Barbara said, "OK—as long as you can guarantee completion by June 1, we have a deal." Alfred agreed, and he asked for $3,500 in advance, with any further payment or refund to be made on completion. Barbara said, "OK," and she paid Alfred $3,500. Alfred started to drill on May 1. He had reached a depth of 200 feet on May 10 when his drill struck rock and broke, plugging the hole. The accident was unavoidable. It had cost Alfred $12 per foot to drill this 200 feet. Alfred said he would not charge Barbara for drilling the useless hole in the ground, but he would have to start a new well close by and could not promise its completion before July 1. Barbara, annoyed by Alfred’s failure, refused to let him start another well. On June 1, she contracted with Carl to drill a well. Carl agreed to drill to a maximum depth of 350 feet for $4,500, which Barbara also paid in advance, but Carl could not start drilling until October 1. He completed drilling and struck water at 300 feet on October 30. In July, Barbara sued Alfred, seeking to recover her $3,500 paid to Alfred, plus the $4,500 paid to Carl. BBA 3210, Business Law 5 On August 1, Dry County's dam failed, thus reducing the amount of water available for irrigation. Barbara lost her apple crop worth $15,000. The loss could have been avoided by pumping from Barbara’s well if it had been operational by August 1. Barbara amended her complaint to add the $15,000 loss. In a minimum of a 1,000-word contract analysis, discuss Barbara’s suit against Alfred. What are Barbara’s rights, and what damages, if any, will she recover? Cite any direct quotes or paraphrased material from outside sources. Use APA format. Contract analysis scenario two—remedies determination: Mundo manufactures printing presses. Extra, a publisher of a local newspaper, had decided to purchase new presses. Rep, a representative of Mundo, met with Boss, the president of Extra, to describe the advantages of Mundo's new press. Rep also drew rough plans of the alterations that would be required in Extra’s pressroom to accommodate the new presses, including additional floor space and new electrical installations, and Rep left the plans with Boss. On December 1, Boss received a letter signed by Seller, a member of Mundo's sales staff, offering to sell the required number of presses at a cost of $2.4 million. The offer contained provisions relating to the delivery schedule, warranties, and payment terms but did not specify a particular mode of acceptance of the offer. Boss immediately decided to accept the offer and telephoned Seller's office. Seller was out of town, and Boss left the following message: "Looks good. I'm sold. Call me when you get back so we can discuss details." Using the rough plans drawn by Rep, Boss also directed that work begin on the necessary pressroom renovations. By December 4, a wall had been demolished in the pressroom, and a contract had been signed for the new electrical installations. On December 5, the President of the United States announced a ban on foreign imports of computerized heavy equipment. The ban removed—from the American market—a foreign manufacturer that had been the only competitor of Mundo. That afternoon, Boss received an email from Mundo stating, "All outstanding offers are withdrawn." In a subsequent telephone conversation, Seller told Boss that Mundo would not deliver the presses for less than $2.9 million. In a minimum of a 1,000-word contract analysis, discuss the following questions: Was Mundo obligated to sell the presses to Extra for $2.4 million? Assume Mundo was so obligated. What are Extra’s rights and remedies against Mundo? Cite any direct quotes or paraphrased material from outside sources. Use APA format

Subject Area: Law

Document Type: Reports

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09.27.2017

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