Team Reflection

8 August 2016

Novelty products for retail sale Capital expenditure purchases of large equipment that are used for the business. Kitchen Equipment (Grill, Refrigeration, Dishwasher) Air Conditioning Unit Copy or Fax Machines Computers Weekly Topics Related to the Common Contracts This week we reviewed how the statute of frauds apply to common law Contracts that involve the sale of an interest of land Contracts that cannot be performed in under one year.

Contracts to pay the debt of another (such as a loan surety) Contracts made in consideration of marriage (such as a prenuptial) We also discussed contract performance and the obligation of the parties to perform within the requirements or agreement of a contract. The parties agree on terms and perform the contractual obligations in good faith in order to complete the contract. Topics Comfortable With How the UCC Article 2 can be applied on a contract for the sale of goods between two merchants.

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Understanding the different types of contracts.

Identifying the appropriate source of law for each contract type. The duty to mitigate, It was surprising to learn that the law imposes an obligation to take appropriate steps in order to avoid incurring damages and losses. As long as one can avoid the damages with reasonable effort, without undue risk or expense, they may not be able to sue the other party. Topics Struggled With Anticipatory Repudiation – how is the non-breaching party entitled to a remedy The IRAC method is still a topic most of us are still struggling with.

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