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Jul 26, 2018 // By:admin // No Comment
Important Principles Of Contract You Should Understand Before Signing
You have been offered a writing tender. Each writing firm looks forward to be given such an offer. You probably have a clue of what is required to be a good writer.What about how to execute a contract successfully? Do not sign your contract without understanding the principles of contract law.Discussed below are some of the principles of contract law you need to know before you sign your next publishing contract.
Principles of Contract Law
By definition, a contract is simply an accord that has been agreed between two or more parties.There are two main areas of the principles of contract law; common law, which covers contracts between people and contracts for services and the Uniform Commercial Code (UCC) covers contracts between merchants for goods. Discussed below are some of the common law rules.
The parties involved in a contract signing should come to one accord before signing of the contract there must be a meeting of the minds both parties must agree to the same terms for there to be a contract.The publishing company is the offeror and you are the offeree and this is the offer and acceptance. If one or both parties were mistaken as to a material fact when they signed the contract, they may be able to cancel it. The contract may be voidable if one of the parties knowingly misleads the other party.If at any point your contract becomes illegal under the law, then the contract is no longer enforceable.
Breach of contract
A material breach is when a party breaches a specific condition of the contract, otherwise, it is a minor breach.
Your contract can be affected by the extra parties and this is tortious interference.Typical tortious interference requires there be an existence of a contractual relationship.
Specific performance is a limited remedy for a breach of contract. It is normally used when financial damages are inadequate. Precise performance is utilized when product used in the contract is exceptional, and it is not used for service contracts.
Arbitration is a method of alternative dispute resolution. The parties gets someone who is neutral to resolve their disputes. You can call an arbitrator to help in case one party want to break the contract.This means an arbitrator will settle the dispute outside of going to court. This process of resolving issues of breaching the contracts is cost-effective although there is limited discover.
Parol evidence rule
You must make sure that you record whatever you are going to agree. Regardless of how the parties have discussed insignificant things you will think, make sure that before you sign anything, it is documented.