Classification and Remedies of Term

In: Business and Management

Submitted By purpleskeleton
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The writer has discussed that contract is a legally enforceable agreement that meets certain specified legal requirements between two or more parties. Terms of contract are statements that made by one party in order to encourage the other party to enter into the contract. It should be clear, promissory and capable of acceptance. Terms of contract can classified as conditions and warranties. Conditions terms are term of major importance which goes to the root of the contract. It entitles innocent party to terminate the contract and sue for damages. Warranties term is a subsidiary term of the contract. It will compensate the innocent party for any loss or inconvenience. It is a hybrid term, sometimes assuming the characteristics of a condition and at other times the characteristic of a warranty. Severity of breach of intermediate terms depends entirely on the legal consequences of the actual situation Breach occurs where a contract has come into being and one or other of the parties fails to perform all or some part of the obligations under it. There are four main remedies available to the wronged party:
Specific performance, injunction, damages and restitution.

CONTENTS I | Introduction | 2 | II | Terms | 2 | III | Conditions Terms | 3 | IV | Warranties Terms | 4 | V | Intermediate Terms | 5 | VI | Remedies | 7 | | (i) Specific Performance | 7 | | (ii) Injunction | 8 | | (iii) Damages | 8 | | (iv) Remoteness | 8 | VII | Appendices | 9 | VIII | Bibliography | 12 |

*Student in Business Law at Victoria University, Melbourne, Australia.
The terms of a contract detail the promises made by each party to the contract to the other party. The terms can be classified as conditions, warranties or intermediate terms. Intermediate terms are sometimes referred to…...

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