Buildco Limited Enter into a Contract That Has an Exemption

question 4

Essay

Buildco Limited enter into a contract that has an exemption clause. Buildco's employees, during the course of constructing the home of Jack, fail to exercise care as a result of which the home is damaged and Buildco is liable to Jack. Will Buildco be able to rely on the exemption clause?

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Definitions:

Accord And Satisfaction

A legally binding agreement to settle a disputed claim for a definite amount.

Adequacy Of Consideration

The fairness of the value or price exchanged in a contract, though the law typically does not require consideration to be equal in value.

Laissez-Faire

An economic philosophy of free-market capitalism that opposes government intervention in business affairs, advocating for a "let do" or "let people do as they please" approach.

Consideration

Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.