Showing 1417–1428 of 1429 resultsSorted by latest
This Skill Bit talks about Common law and civil law contracts, which differ in formation and enforcement. Common law relies on case law, while civil law uses codified statutes. Common law emphasizes party intentions and flexibility, while civil law prioritizes formal rules and good faith. Duration approx. 3 Min. Tier: basics
This Skill Bit talks about non-compliance, which means failing to meet contractual or legal requirements. It can lead to lawsuits, fines, reputational damage, and even contract termination. To avoid these issues, focus on prevention with compliance systems and training. If non-compliance occurs, address it quickly to minimize harm. Consulting a professional for legal advice is…
This Skill Bit talks about Implied terms as unwritten contract rules inferred by law to ensure fairness and functionality. These terms can be based on statutes, common practices, or the specific situation. Consulting a lawyer to create a clear contract that minimizes reliance on implied terms is recommended. Duration approx. 5 Min. Tier: advanced
This Skill Bit talks about subcontracting which allows a main contractor to hire a subcontractor for specific parts of a project. A subcontract is formed, but the main contractor remains responsible for overall project delivery. Subcontracting is common in various industries for leveraging expertise and managing workloads, but legal considerations and clear communication are essential….
This Skill Bit lets you transfer contractual obligations to another party (assignee) with the obligee’s (other party’s) consent. The assignee assumes your responsibilities, but you generally remain liable unless a novation occurs. Legal advice is recommended for navigating assignment clauses. Duration approx. 4 Min. Tier: basics
Privity of contract Skill Bit limits rights and obligations to those who sign the contract. Third parties are usually excluded, but exceptions exist for intended beneficiaries and situations outlined by law. Consulting a professional for complex contracts is recommended. Duration approx. 4 Min. Tier: advanced
This Skill Bit talks about how contracts often have unwritten rules. This blog explores core principles like privity of contract, assignment of duties, implied terms, and breach of contract. Understanding these principles helps navigate contractual relationships and potential issues. Duration approx. 3 Min. Tier: basics
This Skill Bit talks about the remedies for a contract mistake including rescission and rectification. Rescission undoes the contract, returning parties to their pre-contractual positions, typically used in mutual or unilateral mistakes. Rectification corrects the written agreement to reflect the true intentions of the parties, addressing clerical or typographical errors. The choice of remedy depends…
This Skill Bit talks about the differences between common mistake and unilateral mistake. A common mistake involves both parties sharing a misunderstanding about the contract’s subject matter, affecting a fundamental aspect. A unilateral mistake occurs when only one party is mistaken about the terms or identity, with the other party potentially exploiting this error. The…
This Skill Bit talks about a unilateral mistake that occurs when only one party is mistaken about a key aspect of the contract, such as its terms or the identity of the parties. The other party is aware of the mistake and takes advantage of it. Unilateral mistakes typically do not cover errors about the…
This Skill Bit talks about a mutual mistake that occurs when both parties share a misunderstanding about a fundamental aspect of the contract. This misunderstanding negates their consent, resulting in no true agreement. The contract is considered void or voidable due to the lack of genuine consensus, often involving incorrect beliefs about the subject matter’s…
This Skill Bit shows a common mistake, which occurs when both parties share a mistaken belief about a fundamental aspect of a contract. This mistake must not be reflected in the written agreement, relate to a core aspect, be shared equally, involve unallocated risk, and make the contract’s performance impossible, thus potentially voiding the contract….
