PART C BUSINESS, AGREEMENTS AND CONTRACT LAW In developing and implementing a business plan, your client

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PART C – BUSINESS, AGREEMENTS AND CONTRACT LAW

In developing and implementing a business plan, your client needs to understand Australian contract law. To manage commercial and legal risks, business people need to recognise the legal obligations created by the common law of contract in creating a legally enforceable contract. Your answer in Part C must answer the following two questions.

1. Terms of a contract and remedies

Ronald requires advice on how to identify and manage the commercial and legal risk associated with entering business agreements as he is unfamiliar with Australian contract law. You must advise Ronald how contract terms and remedies impact business arrangements.

In Part C.1 of your report you must:

Identify and describe the legal differences between the classification of a term of a contract as either a condition or a warranty. Evaluate the different commercial impact of breaching a condition or a warranty in relation to available remedies. Your answer must be supported by common law of contract legal principles and cases. Do not discuss statute law.

Identify and describe three types of remedies available when a contract has been breached. In your answer identify whether each remedy is a common law remedy or equitable remedy. Identify the relevant dispute forum that would issue each type of remedy.

There are multiple forms of dispute resolution for resolving commercial disputes. Identify and describe the key features of litigation and arbitration. Evaluate the benefits and limitations of each method of dispute resolution.

450 words