Business law questions

Here are some questions you should answer after reviewing your contract.

  1. Who are the parties, the dates and times for performance.
  2. How does each party satisfy each element of a contract?
  3. Are there legal issues about any of these contract elements?
  4. Does this contract fall within the Statute of Frauds? Is so why and if not, why not?
  5. Are there any ambiguous provisions that would fall within the exception to the Parol Evidence Rule? What are they and how would you deal with these provisions
  6. Are there any conditions precedent, concurrent or subsequent? What are they and how would this work as to the parties performing this contract?
  7. When must each party perform? Would a court interpret the performance dates strictly in this contract? Why or why not?
  8. When and how does this contract terminate? Are there any liquidated damages provisions?/
  9. What happens if one party decides to unilaterally rescind the contract before they have fully performed their obligations under the contract?
  10. Can the parties mutually agree to extend this contract? Is there a provision in the contract for automatic extension?
  11. Do you see any other contract legal issues in this contract and if so, what are they?
  12. How have the parties performed this contract to date? Have there been any legal contract issues between or among the parties to date? How were they resolved, if there have been any?

Sample Solution