specification

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Ynjrehlge

Science

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Design a product specification document of a product of your choice. make sure you provide a good content and use APA formatting.

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Running Header: FINAL CONTRACT ANALYSIS

Final Contract Analysis
Student’s Name
Institution of Affiliation
Date

FINAL CONTRACT ANALYSIS

Introduction
A contract is defined as voluntary and deliberate agreement between two or more parties,
that once entered into, becomes legally binding and thus becomes enforceable by the law.
Several factors need to be in place for a contract to be legally binding. These include, an offer,
acceptance, consideration and lastly consent to bind. Offer is whereby one party makes a demand
which must be met by the other party. When an offer is made, the other party can either reject or
accept the offer. The offer is subject to acceptance or rejection in accordance with the time
period put forth by the two parties involved in the contract. For both parties, they must be
considerate so that both parties can agree to forego some aspects so as to honor the
agreement. Under the consent to bind, there must be a “meeting of the minds “between the two
parties entering into a contract.
However, there exists exceptions to when the above mentioned conditions may not be
met by either one or both parties involved in the contract formation, something that may force
the contract to be breached by one party. One of the established ways through which one can
honor and remedy a contract is by committing to pay the damages done. As usual, the party that
does default in the agreement is the one required to pay for the damages so as to offset the breach
of contract.
Barbara v. Alfred
The breach of contract by Alfred herein sees Barbra sue him for damages amounting to
$3500 plus $15000 as compensation. The contract here was that Alfred was contracted by
Barbara to drill a borehole so as to supply clean drinking water, in which Alfred breached the
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FINAL CONTRACT ANALYSIS

contract as will be shown in the discussion below. However, Barbara is not only suing Alfred for
the failure to drill the borehole as earlier on agreed, but also for the fact that his failure to drill
the borehole, six hundred feet, led to her incurring losses in the harvest of her apple fruits.
Thus, the court here has to put the two into consideration, something which could see
either Alfred pay...


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