A Standard Form Contract Contains a Term That Reads,"Henceforth,all Dealings

question 39

Multiple Choice

A standard form contract contains a term that reads,"Henceforth,all dealings between the Purchaser and the Seller shall be conducted on the grounds of a working relationship and,as such,shall be conducted with professionalism.Any conduct contrary to the Agreement (as construed by one of either the management of the parties involved or the lawyers of these parties) shall be met with termination of the contract and all sums previously paid as liquidated damages and not as penalty shall be retained." In plain English,this means

• A)If one of the parties acts fraudulently they must pay damages to the other party.
• B)If one of the parties commits a tort against the other,the contract will be terminated.
• C)If one of the parties acts without a duty of care to the working relationship,the other can terminate the contract and keep all money already paid.
• D)If one of the parties acts without a duty of care to its employees,the contract is rescinded.
• E)If both parties no longer want to work together,the contract is rescinded.

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Definitions:

Express Warranties

Explicit promises made by a seller regarding the quality or functionality of the goods being sold.

Advertisements

Notices or announcements in a public medium promoting a product, service, or event, or publicizing a job vacancy.

UCC

A complete array of regulations for all commercial activities in the United States is outlined by the Uniform Commercial Code (UCC).

Valid Title

A legal term indicating that the ownership of an asset or property is legitimate and recognized by law.