Contract farming

Objectives: What is a risk? What is Absolute and relative risks? Absolute versus relative risk Relative risk tells you nothing about actual risk Keeping a sense of proportion about risk What is risk? Simply put, the ‘risk’ of something happening is its chance of taking place. Absolute and relative risks? Absolute risk of a disease is your risk of developing the disease over a time period. We all have absolute risks of developing various diseases such as heart disease, cancer, stroke, etc. The…

Importance of Standard Default Clause All government contracts contain provisions that protect the interest of the government and the contractor. The provisions in a contract indicate the requirements, conditions, and the obligations for all who are involved in the contract. Provisions suggest the contractor is to conduct business during the period of a contract. Interfacing with the government is also included in the provisions. Contractors who are new to government contracting and do not…

This contract is a bilateral contract, according to Bilateral Contract (n.d.); “a bilateral contract contains a promise by each party to fulfill certain obligations to complete the deal” (Bilateral Contract, n.d.). This contract will talk about the six elements of contract formation, factors/restrictions of this contract, and the ethical issues of this contract. Six Elements of Contract Formation According to Elements of a Contract (n.d.), there are six elements of contract formation. They are:…

The Group dynamics within our group ‘Team Instinct’ varies from day to day. Depending on what type of mood we are all in, our group seems to take on different group roles or tasks without even realizing it. Some days our group can work very well with a plethora of us being initiators and coordinators, while the rest turn more towards being the recorders and instigators. The next day the roles and tasks could be flipped, and some of us could be doing the opposite job of which we did yesterday.…

The American Dream of home ownership was no doubt sucker punched during the Great Recession and became what many wished was a nightmare they could wake from. Deep emotional scars pierced many of all ages who had lost their homes during the housing crisis. As a result, visions were blurred as they wondered whether they would ever be able to own their own home again. People who were fortunate enough to maintain their mortgages saw their home values decline. Trust in our economy was compromised in…

essentially a down payment to the owner of the house. After the contract has expired and the seller and buyer are in agreement, the house can be…

Money and wealth has badly influenced an undergoing change in our society for 21st century Americans today. We all want money and love spending money even more on food, clothes, technology, vehicles, and etc. There should be certain limit in “wanting more money”. Although money is amazing to possess, it is starting to affect people especially in the sports industry with player’s always wanting more money every year. On the other hand we have soldier in the Navy, Army, Marines, and Air Force all…

ESSENTIAL COMPONENTS FOR A VALID CONTRACT IN ENGLISH LAW INTODUCTION To have a binding contract there must be vital components for a valid contract in English law, an offer and acceptance are crucial, and in the conditions from the question; one party has to make an offer which is then accepted by the other party. The binding contract is habitually supported by intention to create legal relations and consideration. ISSUE Were Ron and Julie in a contractual position, due to whether sally made an…

Cost reimbursement is another alternative contract in which the contractor is reimbursed for the actual cost and fixed costs which incurred for the work .Cost-reimbursable contracts might be used for the projects in which the general scope and nature of the work are defined, but there is uncertainty in quantities or execution. This type of contract is risky for client because under cost-reimbursable contracts, all uncertainties in the scope of project are incurred by the client and the final…

elements, value and exchange which decide whether the consideration is valid or not (Beatty & Samuelson, 2013). To have value, both parties must get something of value from the contract that is able to be measured (Beatty & Samuelson, 2013). In the case of Kim v. Son, Son was not getting anything from the contract of measurable value. Son was going to try to repay Kim back the money that…