Business regulations and practice assignment - Essay Example

Discussion on legal remedies Many parties are bonded by contracts, depending on the terms and agreement involved, these contracts form the basis of business transactions and whenever one party breaches (fail to maintain the agreement under the contract terms) the other party severely feels the wrath. Breaching can be in terms of one party does not carry out the task under contract or surrender the contract. In this context Genix failed to prepare Larson shipment as per the agreed terms therefore some of the remedies available to Genix includes, specific performance which entails a court decree that Genix to carry out the task as agreed under the contract, especially in the case where Larson has paid for the delivery, but Genix didnt ship the goods.

Another one is contract reformation where the contract is written again to incorporate the party intents, as in the situation of Genix falling to prepare shipment the contract is rewritten to include shipment alternatively Genix can cancelled the contract and form a new contract to meet his needs and Larson s what is termed as contract rescission (Miller 267). Anticipatory repudiation Anticipatory repudiation is the act of promising party failing to adhere to his/her obligations under the agreed contact, it occurs as a result of one party evincing to carry out the contract, though it can be retracted by the promising party in case there is no material change in the state of promising party besides it becomes cumbersome to retract the contract if the promising party that repudiates fail to maintain the promise (Miller 267).

In this context Hammer is very correct since in anticipatory repudiation there is retraction whenever alterations in the position of performing party interim, besides the good has not been sold, hence when Hammer has retracted the repudiation then Moore has breached the contract between them.ReferenceR.L.Miller. Fundamentals of Business Law, south western pub.1998.Print