Contract types (P2):
Here I am going to explain the different types of contract and how these will impact the business of Budgburys.
Purchases by customers:
When a customer purchases a product from the store this then forms a contract, the contract will be that you have supplied the product and they have purchased it at an agreed price. This will also include the returns policy. This will impact the business as you must be aware they have a right in this contract to bring any goods unopened or that are faulty back for a refund or exchange. This also impacts the business as it simply means that the sale has been agreed and the business cannot get this product back.
Rental contracts on premises:
Most of the businesses stores will be rental property, this means the business pays a …show more content…
If these are breached the other party can look to have this contract discharged. An example of this would be the payment terms; this is a condition which of broken would mean the contract can be discharged. It is important for the business to understand the conditions on the contract so they do not breach them, this applies to all contracts.
Warranties:
A warranty is an assurance in the contract. It is assurance form the seller to the buyer of products, or services. This means if a product is sold it will have a warranty, meaning if it breaks the customer may have a refund or this product exchanged. The business should be aware of these and stick to product warranties as failure to do so means you are breaching a contract and normal procedures can follow from this contract breach.
What happens in breaches of contracts?
When a contract is broken the injured party will look to be compensated for this breach, a court will look to compensate them financially or by forcing the other party, if possible, to carry out the contract as agreed in the first place.
Frustration of
Here I am going to explain the different types of contract and how these will impact the business of Budgburys.
Purchases by customers:
When a customer purchases a product from the store this then forms a contract, the contract will be that you have supplied the product and they have purchased it at an agreed price. This will also include the returns policy. This will impact the business as you must be aware they have a right in this contract to bring any goods unopened or that are faulty back for a refund or exchange. This also impacts the business as it simply means that the sale has been agreed and the business cannot get this product back.
Rental contracts on premises:
Most of the businesses stores will be rental property, this means the business pays a …show more content…
If these are breached the other party can look to have this contract discharged. An example of this would be the payment terms; this is a condition which of broken would mean the contract can be discharged. It is important for the business to understand the conditions on the contract so they do not breach them, this applies to all contracts.
Warranties:
A warranty is an assurance in the contract. It is assurance form the seller to the buyer of products, or services. This means if a product is sold it will have a warranty, meaning if it breaks the customer may have a refund or this product exchanged. The business should be aware of these and stick to product warranties as failure to do so means you are breaching a contract and normal procedures can follow from this contract breach.
What happens in breaches of contracts?
When a contract is broken the injured party will look to be compensated for this breach, a court will look to compensate them financially or by forcing the other party, if possible, to carry out the contract as agreed in the first place.
Frustration of