Sales and Lease contracts: Performance, Warranties, Remedies - Term Paper Example

Remedies for Breach of Lease Contract: Remedies for breaching of lease contracts include seeking financial redress, buying from a different seller, and seeking legal action to ensure that the other party performs its contractual obligations. Conclusion: Without the law of contract, the law of sale of goods and lease contract to be specific, the consumer of the goods and services would be subjected to low quality goods not conforming to their requirements. Contracts have been around from time immemorial.

Though informal with no writing, contracts have existed from the time of slave trade and still exist. In order to carry out efficient and effective business transactions, there has to be terms and conditions to bind the various parties that are involved in the business. For one to be assured of performance of duties and contractual obligations by the other party there has to be consent and commitment by the parties involved. This article is going to explore how people enter into contracts, the various categories of contracts and the remedies for breach of terms.

In particular the article will explore at depth the performance, warranties and remedies involved in lease and sales contracts. Business people commit a lot of funds in running of their businesses. They, for example, invest in research projects aimed at improving the performance of the business. They go further and hire experts in various fields so as they can develop plans and business goals and targets for every financial year. A business by definition is a commercial activity aimed at making of profits.

A business is a legal person that can enter into contracts and be bound by the terms and conditions of the contract. A business may initiate a contract, be approached to enter into a contract, act as an agent of the entrepreneur and pay remedies for breach of contracts. A business may range from sole proprietorship,