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Contracts (except for those of high paid professional athletes who believe that they do not have to be held to such trivialities) are documents that require events to take place at the behest of each participant. When the participants are buyers and sellers, a contract is normally written to specific exactly what the buyer will receive from the seller, and what the seller will receive from the buyer. The contract also spells out any terms and conditions of the purchase or sale, and what the consequences will be if the contract is not fulfilled by either party.
As one recent article reports "contracts are mediated by markets, implying that there exists a price for every possible good for each possible contingency over each possible date" (Nosal, 2010, p. 1). As Nosal puts it, people choose to buy or sell goods to maximize their own happiness, and their only constraint is that the "value of what they buy cannot exceed...
1). The idea is to cover the contingencies when the buyer or seller bites off more than they can chew. This is true whether it is an individual credit card holder or a large corporation or government entity looking to build bridges, companies or expand services. Contracts can be broken by either side and for a myriad of reasons.
What happens when the seller, or the buyer for that matter, cannot deliver on contractual promises? That's when the problems start. Problems surface when one party or the other cannot fulfill their agreements as stipulated by the contract. For instance, if an individual defaults on his or her credit card payment, the credit card company can refuse to pay for future purchases, can levy fees and higher interest rates, and can even send Luigi in to collect monies owed.
In the case of government entities or corporations, many more people are…
References
Nosal, E.; (2010) What is clearing and why is it important? Chicago Fed Letter, Issue 278, pp. 1-4
S. citizenship (Bloemraad 2002). Given the ongoing need for qualified recruits by the U.S. armed forces, it just makes sense to determine the extent of enlistment in the armed forces by immigrants to identify their personal reasons for doing so. To the extent that these reasons are directly related to their desire to obtain American citizenship rather than a sense of patriotic responsibilities is the extent to which military service
Right to Contract Out The notion that by raising the janitor job from $13.89 to $14.38 the Company would cease "to be successful" says enough about the "good faith" of the Company to know that it is dubious at best. Yet this 80 cent raise was maintained as the reason for denial of the grievance (Schwartz 516). Moreover, during the job evaluation, the Company "tipped its hand" by announcing that
Federal Contracting: Benefits and Drawbacks of Cost Reimbursement Contracts The objective of this study is to examine the pros and cons of cost-reimbursement contracts from the view of the federal contractor and to discuss which elements of cost-reimbursement contracts tend to produce the biggest troubles for contractors and explain why. Cost-Reimbursement Compared to Fixed-Price Contract Cost-reimbursement or cost-plus is reported as a contract "where a contractor is paid for all of its allowed
Regulatory P ROVISIONS (FAR) AND CONTRACT PERFORMANCE REGULATORY PROVISIONS (FAR) AND CONTRACT PERFORMANCE A contract involves a deal that is signed between two or more parties and which is bound to certain terms and conditions that must be met by the parties involved. W3hen talking of contract performance, one seeks to examine whether in the real sense, the parties which were involved in the contract acted in under the guidance of the contract terms.
International Sales Contract Ross T. Smyth and Co. Vs. TD Bailey Son & Co [1940] All ER This paper will examine and discuss the specific implications of Lord Wright's statement and how this related to the seller and buyer, specifically in the context of the c.i.f. And f.o.b. contractual meaning. In the historical case Ross T. Smyth and Co Ltd. Vs. TD Bailey, Son & Co. [1940] 3 All ER 60, Lord Wright,
In that regard, it is hereby acknowledged that the female partner will have that greater burden but that apart from issues of physical comfort and sacrifice, each partner's emotional priorities relating to the specific choice will enjoy equal priority. Childcare Expectations It is hereby stipulated that the breakdown of childcare responsibilities will be dictated by the provisions of this contract relating to the division of household labor and the respective obligations