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Legal and Ethical Scenarios Assignment
Legal and Ethical Scenarios Paper
Scenario 2: Types of Contracts
- Whether there was a contract between NSU and Brown.
- What was the type of the contract between NSU and Brown, if any?
- Was there a breach of contract by NSU?
Rules of Law
A contract is a voluntary agreement which can be enforced by parties in court. To be valid, the following a contract should contain an offer, acceptance, consideration, capacity, mutual consent, and an intention to create legal obligations (Gaddy & Hart, 2003). All the above elements are essential and must be present or else a contract will not be enforceable under law. Under contract law, the main types of contract are bilateral contracts, unilateral contracts, express contracts, contracts under seal, at will contracts, unconscionable contracts, and aleatory contracts.
Breach of contract occurs where one party to a contract fails to fulfill their contractual obligations. Depending on the specifics of the contract, a party is said to have breached a contract where a party does not perform their contractual obligations on time, if a party fails to perform their obligations according to the terms of the contract, or if they do not perform their contractual obligations at all (Burnham, 2011). The consequences of a breach of contract include reduction of the contract price, compensation for damage, and interest for delay. If a breach is fundamental, it can lead to rescission of a contract. For the party alleging breach of contract, they must establish the following: there existed a valid contract, the performance of the contract by the plaintiff, failure of the defendant to perform their part of the contract, and that the plaintiff suffered loss due to the breach.......................GET A PLAGIARISM FREE COPY