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Contract Analysis

1068 words - 5 pages

CONTRACTS ANALYSIS“Good will come to those who are generous and lend freely, who conduct their affairs with justice” Psalm 112:5. It is important in life to conduct business fairly. In this case both parties were not conducting business fairly. Marshall was late on payments, yet expected on time delivery each month. The surprise contract shows Marshall and the company did not have an open communication on the terms of their prices and delivery schedule. The contract was also given to a minor which means it is not valid. Due to this the company should not continue to do business with Marshall. For a contract to be valid all ...view middle of the document...

It also must be known to the parties and communicated usually verbally or by carrying out the practice on each and every occasion with an expectation that it will be implemented. Each of these were done by Marshall and the company.
BUSI 561 The type of Contract that was in the case study is a requirement contract. This is when “one party agrees to supply as much of a good or service as is required by the other party, and in exchange the other party expressly or implicitly promises that it will obtain its goods or services exclusively from the first party” (LaMance). The main issues with this type of contract is the quality of goods is not determined before the agreement is made. The seller must trust the buyer will not back out. Each party must also exercise good faith which Marshall did not do by asking a minor to sign the contract. This is where the company has an advantage because the contract is void due to the fact their son was a minor as long as they requested the contract to be voided within a reasonable about of time since the minor turned 18 in the middle of this process. According to Kubasek, Brennan and Browne (2015), when two parties enter into a legally enforceable contract, it is presumed that they have entered of their own free will and that the two parties understand the content of the contract in the same way (Kubasek). Marshall intestinally mislead the minor to continue doing business. This is fraud and he made an effort to deceive the minor.“If fraud exists, genuine assent or a “meeting of the minds” has not taken place and the grounds for cancellation of the contract exists (Kubasek). As a biblical standpoint this situation shows sign of betrayal, decievement and trust. “A faithful witness will not lie: but a false witness will utter lies” Proverbs 14:5. Since Marshall is not familiar with faith and it is new to him this situation must be handled carefully. The company must stay true to their ...

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