...ACKNOWLEDGMENT I,RAHUL, student of M.COM from AUSTRALIAN CATHOLIC UNIVERSITY (ACU). MELBOURNE “I certify that this is a true and correct copy of the original, which I have sighted.” RAHUL INTRODUCTION TO CONTRACTUAL CLAIM A contractual claim is an entitlement under the contract itself where specific provisions or implied conditions of the contract can be invoked to support the entitlement. A Claim under law, sometimes referred to as an ‘extra-contractual’ claim is where the entitlement accrues from the provisions of the law. FIGURING OUT WHO CAN SUE First, you need to figure out whether you have the right to file a lawsuit against the person or business you have a dispute with. To file a lawsuit in court, you have to be someone directly affected...
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...Strategic Management Journal Strat. Mgmt. J., 23: 707–725 (2002) Published online 1 May 2002 in Wiley InterScience (www.interscience.wiley.com). DOI: 10.1002/smj.249 DO FORMAL CONTRACTS AND RELATIONAL GOVERNANCE FUNCTION AS SUBSTITUTES OR COMPLEMENTS? LAURA POPPO1 * and TODD ZENGER2 1 2 Pamplin College of Business, Virginia Tech, Blacksburg, Virginia, U.S.A. John M. Olin School of Business, Washington University, St Louis, Missouri, U.S.A. Relational exchange arrangements supported by trust are commonly viewed as substitutes for complex contracts in interorganizational exchanges. Many argue that formal contracts actually undermine trust and thereby encourage the opportunistic behavior they are designed to discourage. In this paper, we develop and test an alternative perspective: that formal contracts and relational governance function as complements. Using data from a sample of information service exchanges, we find empirical support for this proposition of complementarity. Managers appear to couple their increasingly customized contracts with high levels of relational governance (and vice versa). Moreover, this interdependence underlies their ability to generate improvements in exchange performance. Our results concerning the determinants of these governance choices show their distinct origins, which further augments their complementarity in practice. Copyright 2002 John Wiley & Sons, Ltd. Transaction cost economics (TCE) has emerged as a common framework for understanding...
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...attached assignment is my own work. I understand that if I am suspected of plagiarism or another form of cheating, my work will be referred to the Academic Review Committee/Registrar, which may result in me being expelled from the program. | Signature | | Submission Date | 16th December 2009 | EXEMPTION CLAUSES RELATING COMMON LAWNAME: DOAN THAI BAO NGOC (GEM)CLASS: DIP BA/INTAKE 13THSUBJECT: BUSINESS LAWLECTURER: MR. ROBIN PETER LANGE | QUESTION 1 Discussion of Exemption Clauses Relating To The Common Law Common law can be seen as cases between parties who might involve in expressing terms of contract from a party that could be not read by other parties, buying a ticket or negotiating about contractual terms happening anywhere (Leong 1988, pg.291). Also, the contractual terms from the contract negotiated by both parties in common law are defined as exemption clauses. These clauses seek to exclude or limit their liable for breach of contract from a party to others in common law...
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...increase and its effect on LI activities at its construction sites in Paramin and Biche respectively. After that meeting, JLL submitted a revised contract with the new pricing arrangement. LI accepted deliveries of the lumber planks from JLL, which reflected the new pricing arrangement of $120 but paid the initial contract sum of $100 per plank and as such, LI was in arrears to JLL. LI is adamant that they have a binding arrangement with JLL for two years ending 25th May 2016 to purchase lumber planks at $100 and JLL subsequent contractual arrangement in April 2015 failed for want of consideration. The Lawyers for LI has indicated that JLL is already obligated to sell at $100 per plank before the new contractual arrangement in April 2015 to sell at $120. Lightwood Industries (LI) is owned by Mr Lightwood, who is a friend of the family. He is aware that you are currently pursuing Business Law at UWI Open Campus and sought you advice on the issue. Please advise Mr...
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...required to offer Pat notification or the opportunity to follow the Corrective Action Plan process. An important factor in this instance is the implication that Pat is being released based on unsatisfactory performance. NewCorp is terminating the employment contract without complying with all clauses of the employment contract and as a result Pat is taking a financial loss. Additionally, an employer under the Plant Closing Act Is exempt from notification of lay off for reasons unforeseeable at the time of notification—this does not appear to be the case in Pats situation (Cheeseman, 2010). In NewCorp’ s defense, the company could consider the employment agreement to be a voidable contract with NewCorp having the option to avoid their contractual obligations, which although Pat suffered a loss from the...
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...local, state, and federal government offices; information technology; higher education; landscaping; personal services; banking; and the fast-food industry. Now that we have some background information, let’s learn more about the ABC Insurance Company located in Atlanta. The ABC Insurance Company has been very aggressive and quite successful in recruiting companies, organizations, and individuals to join its managed care plans. Their ranges of services and rates have been extremely competitive. Their employer base is spread out among the 14 counties, which has been attractive to many employers. The ABC Insurance Company has been quite successful in selling its managed care insurance program to employers and organizations, so what is the issue? Verde Greene Hospital has an excellent reputation for quality in maternity care, cardiac rehabilitation, and orthopedic medicine, and it is the only hospital in town to have received the Magnet Award for Excellence in Nursing. A sizable number of employer groups as well as employees, who have insurance coverage with ABC Insurance Company, want Verde Greene Hospital to be included in the network as a participating hospital. When ABC insurance company approached Verde...
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...terms are implied in a contract. By custom, the court and by statute. Normally the terms that has been implied by a custom or the trade usage explain those terms in a conventional way as those circumstances are the common situation within the business context. For instance a case, Mr Deborah buys a car from a well reputed showroom car and so it is expected that the car has to be adequate for its function. This genre of implied terms normally acts in accordance with the conditions that are implied by statute since this should be up to the court to resolve a homogenized ruling for the requirement of a customary term. The condition applied by the law depends on legal obligations that has been attained from an individuals from a common contractual alliance and hence it does not rely...
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...Business (SB)………………………………………………………... 10 5. Historically Underutilized Business Zone (HUBZone) ………….……….…10 6. Small Disadvantaged Business (SDB)…………………………….……........10 7. Small Disadvantaged Business 8(a) Certified [8(a)] Communicate the Vision (Step #4)………………………………………..……….10 7. What additional steps have been taken to encourage Federal agencies' use of WOSB, SDVSOB & VSOB?...................... remove the obstacles (Step #5)…......................................................11 8. Road blocks to fulfilling the allotted contractual goals, are they real or perceived?...remove the barriers……………13, Create Short-term Win (Step...
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...Company and Background: The company I have chosen is my current employer, ManIT. ManIT was established in 2005 and is an Information Technology contracting agency for the Department of Defense Ballistic Defense. The company has a headquarters in the United States as well as three other offices outside of the United States, Europe, Russia, and Japan are the other field offices. All contractual work, interviews, and security background checks are handled at each location. Aside from having its own non-contractual employee, ManIT bids on government contracts to obtain positions that they can hire whatever type of employee needed for the contract. Their coverage is anywhere from tier one IT Support to high level Program Managers as well as Engineers for an Enterprise Infrastructure services. They continuously operate and assure a global presence as well as additional support to government agencies and other mission partners across many different types of operations and regions around the world. Currently ManIT has roughly 400 employees with a majority located in the United States. Each facility including Head Quarters is responsible for posting jobs for the contracts they support. They will then interview potential candidates and then have them do an interview for the actual job on the mission project site. All projects or contracts are on government designated sites where military and contractors work together on these contract projects. Along with hiring, each facility...
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...Question 3 This contract consists of both terms and representations. The terms are the provisions that form part of this contract. Each term that is contained in this contract will give rise to contractual obligation. If the terms are breached, litigation will be inevitable. However, the terms in this contract are not necessarily stated. Some of the terms in this contract attract little legal consequences because they are considered to be subordinate to the main objectives of the contract. Statements also form part of this contract. These statements are those that are capable of creating contractual obligations. The following types of statements may be contained in this contract: a). Puff or sales talk. A puff will not give rise to contractual obligation especially if it lacks the backing of a reasonable person who could actually take the statement seriously. This will be amplified if the statement is further proved to be wrong. Such kind of a statement will be a puffery as is common with commercials in televisions. b). Representation. Any factual statement will not be considered as a contractual term. This statement is made by the owner; however the owner does not offer a guarantee regarding how honest it may be. Such a statement according to this contract will give rise to any contractual obligation between the owner and the builder. However, other remedies may be pursued by the aggrieved party, i.e. tortuous actions like misrepresentation in a competent court of law. c). Term...
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...Business Law 1 Week 4 Seminar Questions Natasha Dunn, Forensic Investigation Q1) This issue is governed under the Law of Contract, under the formation of contract and the revocation of a contract specifically under contractual capacity. Contractual capacity states that young persons aged sixteen and seventeen have full legal capacity. This protects young persons against ‘prejudicial transactions’ until they turn 18 and any contracts like this can be put aside by the court. However, there are exceptions to the rule: if under 18 and running your own business; if ratified before turning 18; if age is misrepresented when entering contract. In this case, Jean is seventeen, running her own business and wants to get out of a legally bounding contract for an object in which has already been ordered. However, Jean cannot get out of the contract just because she is under eighteen years of age because she is running her own business and therefore she is not subject to the protection anymore. Therefore, this puts her in the same legal position that any other adult would be in, in her situation. She could attempt to revoke the offer by emailing or writing to the seller but she is still legally bound by the contract made. Q2) This issue is governed under the Law of Contract, under the formation of contract and specifically contractual capacity. Contractual capacity states that generally children under sixteen years of age have no capacity and the contract is void. However, the...
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...her. However, the solicitors were negligent and resulted the plaintiff was molested again on three of four occasions. The plaintiff brought an action against the solicitors and she was entitled to damages for mental distress as the contract was originally aimed to protect the plaintiff from further disturbance of molestation. Another exception is where the main object of the contract is to give pleasure, relaxation or peace of mind, damages are recoverable for the loss of amenity. This exception is well illustrated in the case of Farley v Skinner. In this case, the issue was ‘whether a buyer who employed a surveyor to investigate whether a property in the countryside was seriously affected by aircraft noise may in principle recover non-pecuniary damages against the surveyor for the latter’s negligent failure to discover that the property was so affected. It was held that the defendant was in breach of his contractual obligation to provide plaintiff with accurate information and as a result of the inaccurate information, plaintiff suffered mental distress and disappointment after buying the property. Hence, the judge granted the award of £10,000 to the plaintiff for the loss of amenity. 2.3 Injury to Reputation In theory, an employee may be able to recover damages for the financial loss arises from the loss of reputation, if the employer has breached the implied duty of mutual trust and confidence in the contract of employment. In the case of Malik v Bank of Credit and Commerce...
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...Paying Not to Go to the Gym By STEFANO DELLAVIGNA AND ULRIKE MALMENDIER* How do consumers choose from a menu of contracts? We analyze a novel dataset from three U.S. health clubs with information on both the contractual choice and the day-to-day attendance decisions of 7,752 members over three years. The observed consumer behavior is difficult to reconcile with standard preferences and beliefs. First, members who choose a contract with a flat monthly fee of over $70 attend on average 4.3 times per month. They pay a price per expected visit of more than $17, even though they could pay $10 per visit using a 10-visit pass. On average, these users forgo savings of $600 during their membership. Second, consumers who choose a monthly contract are 17 percent more likely to stay enrolled beyond one year than users committing for a year. This is surprising because monthly members pay higher fees for the option to cancel each month. We also document cancellation delays and attendance expectations, among other findings. Leading explanations for our findings are overconfidence about future self-control or about future efficiency. Overconfident agents overestimate attendance as well as the cancellation probability of automatically renewed contracts. Our results suggest that making inferences from observed contract choice under the rational expectation hypothesis can lead to biases in the estimation of consumer preferences. (JEL D00, D12, D91) “Saturday 31 December. New Year’s Resolutions. I WILL...
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...AGENCY APPROACH In recent times the insurance business has been based on agency representation and relationship. The agent represents the principal in the sale of insurance policies and in forcing a contractual relationship between the principal and the client. According to Nwachukwu (1991), the following criteria will be considered in agency creation 1) The creation of agency. The relationship can be formulated either through written or oral communication or by conduct. When required to act under seal, the agent must be given a document to validate his authority. This gives the agent power of attorney to act on behalf of his client. It has also been 2) Capacity: only individual who have been proven capable can act as agents. Exceptional cases are made during his period of sanity. Also a company can take up the role of an agent for another party, even if its not in line with the business operation of the company. The relationship that exists between the principals and agents is solely based on the resultant benefits. Classification of the Power and Authority of the agent 1) Express Authority: in this situation, the authority and rules governing the relationship is clearly spelt out in writing, oral or by deed. The oral form might not cure handy when issues come up. Where the written authority might not be specific and this gives room for manipulation of the principal by the agent. 2) Implied Authority: this authority is based on the nature and requirements...
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...Design Responsibility under Design and Construct Contracts: Some issues for Principals Introduction There are a number of reasons design and construct (D&C) contracts are attractive to principals and lenders. There is a single point of responsibility for both design and construction aspects of the project, the principal is able to fast track the project although not all aspects of the construction are complete, there is greater certainty of price and the contractor is involved from the earliest stage in planning design and programming. In consequence, the principal will need to accept a higher price for the contractor to take on this additional risk compared to more traditional construct only contracts. This paper will identify some issues for principals to consider when allocating design responsibility to contractors within a D&C project. These issues arise as the design and construct process involves a fundamental conflict of interest. Principals desire to have constructed a product of the best quality for the lowest possibly price. The contractor on the other hand is more likely to make a higher profit if the product is of a lower quality (and therefore cost) and a higher price (as opposed to costs). In addition, although a greater proportion of design risk is placed on the contractor, this passing of risk is often accompanied by the abrogation of responsibility and loss of control. The paper will refer to the approaches of 3 standard form contracts -...
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