A Framework for Viewing Contracts: 6 Issues Present in All Contracts

Contracts come in all shapes and sizes, from small 1 page agreements between individuals to hundred page, multi-billion dollar deals between major corporations with a team of lawyers, bankers and advisors working for each side. Regardless of the size, however, only three elements are required in order to have a binding contract: an offer, acceptance of the offer and consideration. Put another way, a contract is an agreement where there is a promise to do something in return for a “valuable benefit.” Once the fundamentals of a contract are established, however, parties are free to negotiate in a manner that befits their particular situation, provided they do so in good faith and without fraud.

When analyzed, contracts, both large and small, are made up of six basic categories. At times (especially with smaller agreements), these issues will not be explicitly stated in the contract, but will, rather, be implied by law. These default rules are a construct of both case law and statutory law, with Article 2 of the Uniform Commercial Code being the primary means of “filling the gaps.” In larger agreements, most of these issues will be spelled out with exacting detail. While this list contains broad headings, it does provide an overview of what to look for in a contract. The 6 issues inherent in all contracts are as follows:

1. Rights and Obligations Under the Contract. The fundamental issue in all contracts determines who is obligated to perform under the contract and who is entitled to the benefits of that performance. Those with rights can be the individual signing the contract, the company on whose behalf the signatory is signing, “successors in interest” (i.e., a company that subsequently purchases the original beneficiary), and sometimes “third party beneficiaries.” Those with obligations under the contract are the signors and their successors, but may also be guarantors, co-signors, or other parties subject to “joint and several liability.” For example, a partner will be liable for contracts entered into by his/her partners regardless of whether he/she signed the contract individually.

2. Representations and Warranties. Representations and warranties relate to the underlying matters and facts presented in the contract. Specifically, a representation is a statement made by one party at the time the contract is entered into, regarding a fact which is influential in bringing about the agreement. A warranty is a promise that a statement of fact is true. In larger contracts, a specific section entitled “Representations and Warranties,” is devoted to this issue and lays out all of the representations and warranties each party is making subject to the agreement. Regardless of whether there is a dedicated section of the agreement, however, parties will rely on the representations of each other in entering the contract. Examples of what may appear under this heading include statements related to the condition of the goods being sold, statements that a party has the legal right to sell the property, or statements that a party is not in default on any other obligations. Disclaimers and/or “as-is” provisions in a contract are a means of minimizing representations and warranties.

3. Conditions. Conditions are events that must happen (or not happen) in order to obligate a party to act pursuant to the contract. If specified conditions do not occur, a party need not perform under the contract. An example of a condition common in business contracts is that board or shareholder approval must be obtained prior to enforcement of the contract. Other conditions may state that all documents be properly delivered prior to the contract taking effect or that all representations and warranties discussed above are proven accurate. Conditions do not have to relate solely to the parties to a contract. They may involve third parties approvals that are necessary for the contract to happen. Examples of such approvals may be governmental approvals or obtaining insurance.

4. The Deal. After conditions have been satisfied, “the deal” is the real meat of the contract and states who must do what, when they must do it, and what price will be paid. The deal includes allocation of risk (will one party indemnify the other, will damages be capped at a specific amount), and also states the beginning and end of the contract, including rights of the parties to extend or terminate the contract.

5. Enforcement. Usually the “boilerplate” of a contract, enforcement issues state how, when and where the contract may be enforced by a party. Enforcement issues include (i) what law will be applied in the event of a dispute, (ii) who will hear disputes (will it be a judge, jury, mediator or arbitrator?), (iii) where a dispute will be heard (city, county, state), and (iv) which party has the burden of proof when enforcing the contract.

6. Remedies. Remedies determine who is entitled to what in the event of a breach. Remedies often, but not always relate to monetary damages. They will address the ability of a party to obtain and will address whether or not a party can receive punitive damages (which are rare in contracts) or consequential damages (damages that don’t flow directly from a breach, but are somehow caused by it). Other than monetary damages, remedies can also include specific performance (a situation where the court orders one party to perform) and can potentially allow a party the right to terminate the contract for breach.

Conquer the Present Perfect and Past Perfect Tenses in Spanish

If you have reached the present perfect and past perfect tense, you are a good way into your Spanish studies and it’s time for a serious talk about grammar.

I don’t know of any shortcut around regular practice. However, you can do yourself an enormous favor by taking the time to discover what you mean to say in English before you attempt to construct the grammar in Spanish.

It is possible to learn how to conjugate verbs in the present and past perfect tenses without truly understanding their meaning or where and when to use them in writing or conversation. If you are reading this, you’ve likely set higher goals for yourself.

Let me begin by introducing the present and past perfect tenses in English. After we’ve grasped the purpose of these verb forms, we can move quickly and easily through the “rules.”

Recall that in the simple present or simple past tense we say “I live” or “I lived.” “I love” or “I loved.” Fairly straightforward. In the perfect tenses of the present and past, however, we express “I have lived” or “I had lived.” “I have loved” or “I had loved.”

If you imagine yourself narrating the story of your life, you can probably see why certain recollections require “I have loved” or “I had loved.” Because we “love” people and things for durations of time in the past that begin and end and sometimes overlap or change, it is not so simple as just “I love him” (now) or I “loved her” (then). There are moments in your story that need a more nuanced timeline–additional context that anchor a feeling in the past or draw it, alternately, all the way up and into the current moment.

“I have lived” (present perfect) and “I had lived” (past perfect) is a tricky distinction for students to make. Hopefully the examples below will clarify the difference between these seemingly interchangeable statements.

“I have lived” refers to the immediate past or to an action or state of being that occurred in the past, but continues into the present time. “I have lived without chocolate for a week” or “I have lived in California all my life.” Do you see how the present perfect suggests both the past and the present? The speaker is very well (though not necessarily) still longing for chocolate and continues to live in California. The past perfect, on the other hand, expresses a past action that has come to a definite end.

It is useful to look at the past perfect like a two-part story. Often the past action we are referring to occurred before yet another past action, for example, “I HAD lived in California for three years BEFORE my family moved to Pennsylvania.” An extra bit of context establishes that the action came to a definite conclusion in the past, as in “I had lived in California as a child.”

Now we move from the abstract to the concrete. How do we build the present and past perfect tenses?

In both languages the perfect tenses are “compound tenses,” meaning that they require 1. an auxiliary verb (have) and 2. the past participle (lived) of the main verb (live). “I have lived.”

1. “Haber” is the translation of “to have” in English. The conjugated form of “haber” will precede the past participle and must reflect the subject of the verb (I, you, he/she, etc.) in addition to the tense.

2. In English, we typically create a past participle by adding “-ed” to the main verb: “lived.” To create the past participle of a verb in Spanish, we drop the “ar” from AR verbs and replace it with “ado.” We drop the “er” or “ir” from ER and IR verbs and replace them with “ido.” So, if the main verb is “live” or “vivir,” the past participle becomes “vivido.”

At last, here is the construction in Spanish:

Present Perfect: (“Haber” conjugated in the present tense) + (past-participle of the main verb);

“He vivido” / I have lived.

“Hemos vivido” / We have lived.

Past Perfect: (“Haber” conjugated in the imperfect) + (past participle of the main verb);

“Había vivido.”/ I had lived.

“Habíamos vivido” / We had lived.

Pandora Charm – Great Christmas Presents

Now that the festive season is upon us we can see its hallmarks everywhere we go; from the kids playing with snowballs in the street, to the Christmas lights that decorate our towns and cities, there’s no denying that Christmas in the air… the only possible Grinch-like spectre that looms around us is what to get everyone for Christmas… The answer, well that’s easy: a pandora charm!

Yes, that’s right, stop worrying and shoo that Grinch away, as there is the perfect Christmas gift for everyone in the form of a pandora charm, a wonderful piece of jewellery that will make an ideal Christmas present for anyone with even an inkling of style.

We all know the score; sitting around that Christmas tree on the 25th of December and exchanging gifts, everybody trying their hardest to look as excited as they possibly can at the same knitted sweater that Auntie Mabel has given you year in, year out, just desperate for a halfway decent present so that you don’t have to wear that false smile anymore.

Well, now you will not have to worry about analysing whether that grin on your loved one’s face is really a grimace, as you can be 100% guaranteed to please when you give a pandora charm to anybody who enjoys jewellery and has a cool sense of style.

Pandora charms are fantastic, versatile pieces of jewellery that allow their wearer to express themselves by exchanging the charms with friends and can constantly alter the look of their favourite charm necklace, bracelet or anklet.

But hold on, with all the Christmas shopping that you’ve done this year, plus the tree and decorations, (not to mention the turkey,) funds are a little tight and you can’t afford to go gallivanting around splashing your cash all over town!

Don’t worry, because pandora charms are incredibly affordable and if you order them online, you can often get a very generous discount, one which may allow you to buy a few more charms as gifts for yourself…after all, everyone deserves a gift at Christmas, even if it is you giving yourself one!

So, if you are stuck for what to get your loved ones for Christmas and don’t want to go down the whole boring voucher or cheque route, or if you have a little cash left over and want to get a special little stocking filler for your friends, then check out the generous offers and discounts online and order your pandora charm today!