Contract Law-Commercial Purpose assignment - Case Study Example

Only on StudentShare

Extract of sample
Contract Law-Commercial Purpose assignment

Who is responsible for the payment of the crew of the Boat Is it included in the charges negotiated with Mary Who will decide on the correctness of the amount payable to the crew Will Nile's concurrence be obtained for the charges payable to crew (This is important as this will affect the net earnings from the whole venture)
Whether the boat will be made seaworthy by completing the defouling and painting the hull before the cruises start Who will pay for the charges for such defouling and painting Has it been agreed that "the boat will be made seaworthy by the owner before the cruises start" will form part of the contract
Has the boat been insured If so what are the obligations of the insurer Till what date the insurance is valid Does the insurance cover the third party claims in case of accidents If currently there is no insurance, who will pay for the insurance coverage
Has Mary a right to rescind the contract If so what are the terms (Notice period requirements, compensation for premature terminations are to be decided, as the tickets for such cruises will be sold in advance by Mr. John Nile and any unexpected withdrawal by Mary from the contract will put Mr. Nile into difficulties of facing the claims of the proposed passengers.)
Has it been made known to Mary that pursuant to entering into a contract for the charter of t ...
Download paper


What is the arrangement between Mr. John Nile and Mary Johnson for the charter of the Boat What is the role of Mary Johnson or her son Bill Johnson in the proposed commercial venture Are they partners or just letting out the boat on charter to Mr. John Nile How Mary will be paid; whether on the basis of the number of hours the boat is used or per the number of passengers handled by Nile
Author : lorendietrich

Related Essays

Principles of European Contract Law
The Unidroit Principles have been regularly applied as lex mercatoria in international commercial arbitration, as they 'meet all the substantive requirements of a true law merchant. On the contrary, arbitrators are being reluctant to apply PECL as generally accepted principles of commercial law in international arbitration. This may be due to their relative novelty, to the fact that their scope is limited to the European Union, or to the strong materialism and esprit collectif which manifests itself by the preminent role of the good faith principle and by a social regulation of the contract...
22 pages (5522 words) Essay
It also depends upon the liability of the company. Here the company seems to have committed gross negligence resulting in grievous injuries on the customer and also damaged the car to the tune of 1500....
4 pages (1004 words) Essay
Law of Contract, Assignment
This does not mean that there must be an exact subjective matching of the internal thoughts of the two parties. What the law looks for is outward evidence of what the parties agreed or what has been termed the 'external indicia of agreement'.1 This means that even if the parties did not have the same agreement in mind, if their actions, from an objective standpoint could be said to demonstrate an agreement, then a contract has been formed.2 This follows the sensible approach that 'commercial contracts cannot be arranged by what people think in their inmost minds. Commercial contracts are made...
9 pages (2259 words) Case Study
Contract terms of employment could change due to changed economic circumstances, or to bring about improvements in working conditions3. Materially changed circumstances are always admissible especially for the benefit of children....
3 pages (753 words) Essay
Contract law - commercial transactions
For a contract to be valid and enforceable, ALL the following elements must be present. They are the offer, the acceptance, the object of the contract, the consideration, the legality of the subject matter, the contractual capacity of the parties involved, and the contractual intent of the parties. If one of the elements is missing, then the contract is not valid. The contract may be avoidable, void or unenforceable. According to the Principles of European Contract Law, particularly Article 2.301 (ex art. 5.301) – Negotiations Contrary to Good Faith section 3 that “ it is contrary to good...
6 pages (1506 words) Case Study
Law and Contract Strategy
However, for a valid contract to be valid, the elements must be: a) capacity, b) mutual assent (which includes offer, acceptance, and meeting of minds), c) consideration, d) lawful purpose, e) certainty of terms, and f) form provided by law (Essential 2006). On the other hand, Wikipedia (2007) cited the three key elements of a contract under common law jurisdictions as: a) offer and acceptance, b) consideration, and c) intent to create a legal relation. In sum, while the law considers three essential elements (consent, consideration and object), a valid contract requires other elements (e.g....
10 pages (2510 words) Essay
Commercial Contract Assessment
A reasonable person is an imaginary person created by judges. Thus, a reasonable man is one who is an ordinary “Joe" type of character....
10 pages (2510 words) Essay
Got a tricky question? Receive an answer from students like you! Try us!