Quiz 20: Practical Contracts

Business

Following are the three types of contracts that should be definitely in written is given below: • Contracts in consideration must be in written agreement between parties of the contract. • Certain contracts on the transfer of land are in written form. • Contracts by the executor to pay debts on the estate with their own money Contracts that does not require a written agreement is given below: • The statute of frauds requires it. • Certain deal in life and deals for running a business. • The oral agreement is much effective than written agreement.

Decisions made for the movie contract case is explained below: In a movie contract, the success of one party does not prohibit a positive outcome for the other side. This is one side for a more successful negotiator. The term that the "either party left out" denotes a lawyer. A lawyer is appointed to draft and develop a contract. There are no particular provisions that either side of the movie contract behaved unreasonable in the contract.

Businessman often creates a contract that leaves their option open. This generally happens when they are not sure what they can get from the other side or in some cases, what they are expecting to receive. Hence, vagueness comes into picture when the parties do not want the contract to be clear. Ambiguity is a useful strategy particularly for a party who is drafting the contract. This is because it protects laypeople from the dangers of form contracts that they have little power to change. Hence, options (a) and (d) follow.

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