Standard Forms of Contract. It Is the Essay

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standard forms of contract. It is the author's contention that a person needs to be familiar with basic contract formation and law in the state in which they are operating to avoid costly legal issues, especially with regard to states that have oral contracts.

People use contracts in business relationships because they are intended to protect both parties because they are standard and eliminate vagaries in the business relationship. This is because the contract considers the essential elements and other issues and contingencies in the business relationship between the parties.

In the Powerpoint presentation, we learned standard forms of contracts that are available include bespoke vs. standard forms of contract. The bespoke form of contract is probably what most people will see in their lives. This is written specifically to satisfy situational circumstances. The classroom example that it most common is a builder's contract that states when the builder is to begin and finish the project, the amount they will be paid and when and the consequences for the non-fulfillment of the contract. The simpler the contract, the less expensive. For industry specific situations, standard forms of contract that apply to that industry. Business contracts usually contain a list of the project manager's obligations obligation, a list of additional services required, the personnel required, the project manager's limits of authority, a section regarding liability and insurance, the clients obligations, payment terms, copyright and confidentiality, assignments and sub-contracting, termination and suspension terms and sections dealing with notices and disputes.

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Fee schedules are also usually included that include the basic fee, reimbursable expenses and additional fees. The scope of services are spelled out, including basic and additional services. The contract can be further tailored depending upon what industry it is made for.

The contract has three forms of agreement. The form of agreement comprise 3 methods of execution. These include the under hand which has a 6-year limit. It is also available as a deed with no company seal and a 12-year limit. It is also available with a seal with also a 12-year limitation.

Contracts are formed only when an offer from one party has been formally accepted by the other party. This acceptance needs to be in writing and has to be accepted within ten days (Kelleher Jr. & Smith, 2011, 118). Exceptions to this which obviate the need for a formal….....

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