Law Assignments Research Paper Example | Topics and Well Written Essays - 1000 words

Law Assignments - Research Paper Example This form of contract falls under the idea of Statute of Fraud as one of the parties has failed to complete assigned task on the basis of the agreement. Parol Evidence Doctrine: The Parol Evidence policy is a rule under contract law which binds/ restricts the court from admitting evidences from the parties involved in the contract, prior to the conduct of oral or written agreements. It is worth mentioning that determination of parol evidence is dependent on the basis of the final look of agreement that is done mutually by both the parties (Mallor, Barnes, Bowers and Langvardt 1-1250). Example: X and Y have mutually agreed to start a firm with equal capital and the share of profit was to be done equally. But on the day of sharing, it was found that though both the parties had invested equal amount of capital, but the profit was not distributed equally. This form of contract generally falls under the guidance of parol evidence doctrine. The contract can fall under the collateral contra ct as both the parties can be benefited. QUESTION 2 An assignment contract is a form of contract which provides an authority to give or transfer its rights to another/third party. It is generally viewed to be a transfer of a party’s benefit to a third party in terms of fully issuing authority rather than including the name of the party in a contract (Mallor, Barnes, Bowers and Langvardt 1-1250). Example of Assignment Contract: Suppose Sam has entered into contract with James to clean his lawn and all the waste from his backyard for US$ 300. It was seen that Sam later assigns the benefit arising from the contract (i.e. US$ 300) to Daniel, though his name was not mentioned in the contract. In this example, Sam is the assignor, Daniel is the assignee and James is the delegator. A delegation contract is a form of contract where the delegator has a right to transfer or transmit his duty to a delegate. Example of assignment contract: Suppose Rose had assign her right to Mary to col lect $US 1000 from one of her customer for the purchased made by the customer. In this case, Rose is the delegator, Mary is the delegate and the customer is the obligee. A third-party beneficiary mode of contract is regarded as a contract wherein a person who is neither a promisee nor a promisor is benefited by the performance of the contract. Example of assignment contract: Suppose Smith has applied for insurance with a company and has mentioned Mrs. Smith names as the nominee or the person whom the company would be liable to pay the amount after his death. In this scenario, the company is the promisor (as it promises to pay Mrs. Smith the required amount on her husband’s death), Mr. Smith is the promise and Mrs. Smith is the third party (Mallor, Barnes, Bowers and Langvardt 1-1250). QUESTION 3 Jude had entered into a contract with Edward to sell a bicycle which would have electrical braking and a light that would occur while cycling the paddles. Later, it was found that the specification of the electrical lighting method in the bicycle was not working resulting in default of 25% of the total amount mentioned in the contract. Edward also sued Jude for breach of contract as the specification was not complied with the requirements. In this similar concern, it can be stated that if the party sues for breach of contract and the defense of failure of conditions is asserted, certain theories are available that the plaintiff could assert resulting the court to