Last Week You Were Introduced To The Course Project ✓ Solved
Last Week You Were Introduced To The Course Project For This Course N
Last week you were introduced to the Course Project for this course. Now that the negotiations between you and Mr. Barker are done, you are tasked with the job of drafting the contract that will finalize this deal. For this week, you will get to practice your contract drafting skills by creating a rough draft of a contract for this toy transaction. Based on the information from the worksheet from last week, you are to build a formal, written contract.
You will need to include: Parties - The names and addresses of all the contracting parties should be clearly stated. You can make these up for this contract. Dates - List the date that the contract is being entered into. Definitions and Interpretations - If there are any defined terms in the contract, this section should provide specific and clear definitions. Payment Provisions - The exact price to be paid for the goods or services provided and the date or dates for payment to be made should be clearly set out.
Remember, you want cash and not a check or credit card for this contract. A specific description of the set of toys should be stated in this section. Term of contract - The length of the contract should be stated and it should also be noted whether there are any options to continue the contract. This is a contract for this specific instance and should be noted in the contract. Limitation of liability - This section caps the liability of either party to the contract. For example, Mr. Barker has inspected the set of toys and accepts them "as is." If he finds a defect with them at a later date, you have no further responsibility to him. Signature Lines - Provide proper signature and date lines at the conclusion of the contract for both parties. Besides including the above list and the standard elements of a contract, you are to also include the following clauses into your formal, written contract between you and Mr. Barker: A Mandated Alternative Dispute clause. Act of God/ Force Majeure Clause in case the toys are destroyed by a natural disaster.
Sample Paper For Above instruction
Introduction
This sample contract exemplifies a formal agreement between a seller and Mr. Barker for the sale of a set of toys. It includes all essential contractual elements such as parties' information, payment details, term of the contract, liability limitations, and special clauses addressing dispute resolution and force majeure.
Contract Title: Sale of Toy Set
Parties
Seller: Jane Doe
Address: 123 Maple Street, Anytown, State, ZIP Code
Buyer: Mr. John Barker
Address: 456 Oak Avenue, Othertown, State, ZIP Code
Date of Agreement
Effective Date: September 15, 2024
Definitions and Interpretations
For purposes of this contract, the following terms are defined as follows:
- "Toy Set": A collection of 50 assorted toy figures, vehicles, and accessories as detailed below.
- "Inspection": The physical examination conducted by Mr. Barker to assess the condition and completeness of the Toy Set prior to purchase.
Payment Provisions
The total purchase price for the Toy Set is $500 in cash, payable upon signing this agreement. The payment shall be made directly in person and in cash. The Toy Set includes:
- 50 assorted toy figures and vehicles
- Accessories as depicted in the attached description
Term of Contract
This contract is valid from September 15, 2024, until the completion of delivery and payment. No renewal options are included in this agreement, and this contract pertains solely to the current transaction.
Limitation of Liability
Mr. Barker has inspected the Toy Set and accepts it "as is." The seller shall bear no responsibility for defects or damages discovered after the sale, and the buyer agrees that no further claims will be made concerning the condition of the Toy Set post-sale.
Special Clauses
Dispute Resolution
Any disputes arising from this contract shall be resolved through binding arbitration in accordance with the rules of the American Arbitration Association.
Force Majeure
If the Toy Set is destroyed or damaged by natural disasters, fires, or other acts of God before the transfer of possession, the seller shall notify the buyer immediately, and this contract shall be deemed null and void with no further obligations for either party.
Signature Lines
Seller: _______________________
Date: ________________________
Buyer: _______________________
Date: ________________________