by TheBusinessProfessor | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
Do all contracts have to be in writing to be enforceable? No. Only certain contracts must be in writing to be enforceable. These contracts are required to be in writing pursuant to a doctrine known as the statute of frauds. Note: As the name implies, the purpose...
by TheBusinessProfessor | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
Do third parties have any right to enforcement a contract to which they are not parties? A third party may enforce a contract in which she has rights. She only has rights in a contract if the parties to the contract intend to benefit the third party at the time of...
by TheBusinessProfessor | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What general principle(s) are used in interpreting contractual provisions? The majority of jurisdictions interpret contract provisions based upon their plain meaning. That is, if a contract term is unambiguous, then the court will apply the meaning commonly applied to...
by TheBusinessProfessor | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is the duty of performance? Under a contract, each party has a duty to undertake (or refrain from undertaking) some activity. This is known as the duty of performance. Basically, it is what each party seeks from the other party. Example: Clarence enters into a...
by TheBusinessProfessor | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is breach of contract? As previously stated, if any party fails to perform (completely or substantially) or fails to find an excuse to the obligations in the contract, then there is a breach. A breach may include inaction, incomplete action, or the wrong action...
by TheBusinessProfessor | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
[cite] Back To: COMMERCIAL LAW: CONTRACTS, PAYMENTS, SECURITY INTERESTS, & BANKRUPTCY What is a warranty in a contract? A warranty is a representation by a party that something is true and will remain true until some point in time (generally the time of contract...
