Term Paper: Legal Perspective- New York's Leading

Pages: 7 (2875 words)  ·  Bibliography Sources: 1+  ·  Level: College Senior  ·  Topic: Economics  ·  Buy This Paper

SAMPLE EXCERPT:

[. . .] When the publication went out of the market, the author was still bound to complete his work for the 'Juvenile Library'. This was considered cruel, and the author needed to be compensated in a suitable manner for the breach of contract, wherein he was forced to write a work that would never be published. The Court held that there would be a measure of the damages suffered by a servant by a break in contract.

Assignment 4- Legal Perspective- Contract Damages and Contract Theory

Efficient Breach means that a break in contract would lead to a more efficient or effective purpose than what it was actually meant to perform in the first place. The contract damage rules would serve to promote this effective breach in a way that would add to the value. The three alternative rules that are used to determine the amount of damages in a breach of contract are the 'loss in value' that the person suffers as a result of the breach, as measured against the other's performance, the 'difference in value' whereby the person who has had the services delivered to him feels that it did not match up to his expectations, and the 'full value of the performance promised' whereby the innocent person who has had the contract broken will get the full value of the service that had been promised to him.

The rule for assessing accurately the damages has been described under Section 347(a) of the restatement of a contract. This rule states that the offended has a right to claim damages based on the value of all the profits or earnings that he would have benefited from had the contract not been breached. It includes all the profits and costs that had been part of the deal, and damages can be 'value based'. Total value can be described as the value in total that a person enjoys when a job is well done, and includes all the gains that would be associated with it, and surplus value is the excess value that a person enjoys after the completion of the performance, as a result of the contract that has been made between two parties. The 'surplus value concept' is based on economic theory. The author of the article is of the opinion that both 'restatement' and the 'surplus' based approaches are accurate assessors of damage caused by breach of contract.

According to the restatement formula, the value of the contract and the breached damage costs would cost less, and the surplus based approach meant that the surplus that would be awarded to the sufferer would make up for the damage suffered by him by the breach of contract. For example, in the Laredo Hides Co v. H&H Meat Co case, H&H broke the contract to sell hides to Laredo. Laredo compensated by buying from another seller and the values of both parties were the same. However, the costs accrued were different, and the restatement value did not work for him. The surplus formula did work and the difference in profits was considered the surplus and he was awarded the correct amount in damages.

Assignment 5-Management Perspective- The Duty to Mitigate

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Assignment 6- Legal Perspective- E-contracts Formation.

What are the legal foundations behind forming an e-contract? An e-contract is one that is entered into by electronic agents who have no prior knowledge of the other and have no clear identity of the other person. It is done through the Internet where anything can be bought or sold for a sum of money. However, the contracts that bind these sales are ruled by judgments made in the real world, and disputes are frequent. Econsumer.gov was created for this purpose and thirteen countries can air their disputes across the world through the Internet. It was in the year 2000 that 'e-sign' was started, whereby a legal framework would be made for e-commerce. The 'Uniform Electronic Transactions Act' (UETA) and the 'Online Dispute Resolution Act' (ODRA) also serve the purpose of providing legal foundations for the formation of an e-contract. The laws that govern e-contracts are based on these federal rules.

An 'automated e-contract' is one that is entered into by two e agents of two parties, without either or both of them being aware of the electronic agents that have agreed to the terms and conditions of the contract. A quasi-automated e-contract is one that is made between an individual and an electronic agent, when the individual is well aware that the e agent is making the contract with him. In an automated e-contract, the agreement is valid and binding and the receipt of the record of the transaction can be treated as being accepted and agreed to by the other party. In the quasi-automated e agreement, the person would be agreeing to the terms laid out by the e agent and accepting them. Both are valid and legally acceptable.

An 'online dispute resolution' is also known as an ODR. Some of the first ODR venues were based at Villanova University, the University of Massachusetts, the University of Maryland, and the University of Montreal, using their Internet resources. The Internet was used in each and every one of these cases to solve all the e-contract disputes that were arising between contractual parties. Unlike traditional courts, these courts are open 24 hours a day, 7 days a week and all disputes are sorted out amicably as and when they occur. This is what the author meant when he said that the ODR harnesses the Internet in a big way.

Assignment 7. Management Perspective- E-Signatures

The author of the article writes about e-signatures and claims that though they must and can be easily used, many people ignore it because of certain issues like the security concerns of putting your signature on the Internet for the entire world to view, and the rising standards of e-signatures, and also the fact that all human beings like to put their signatures on real paper when it comes to handling a big deal. Certain items like books, toys and games can be purchased without e-signatures, while high value items like a car, for example, must be purchased after signing a paper. The e sign act of 2000 did not have as much impact as one would have thought it would. Despite promises that transactions would be speeded up, not many people are impressed, and e-signatures is yet to become popular. It is true, however, that it has led to a few changes: students can apply for U.S. Government loans completely online, and certain share brokerage firms like e trade allows users to conduct business completely online.

About 30% of taxpayers pay their taxes online, thanks to the e-filing system. This constitutes about 40 million taxpayers paying online. However, about 90 million people still use real paper for filing their returns. The problem here is that birth dates do not match, or social security numbers do not exist in the outdated IRS system. The risks that the author feels are present in the use of e-signatures are very real: he says that in the use of credit cards there is complete safety for the user, whereas in the use of e-signatures which is based on a PIN given to the user to sign up, anybody who could copy it may use it and there would be no legal protection for the user. The government is however trying its best to promote the use of e-signatures, but there is widespread apprehension and it will take some time for it to become popular.

Bibliography

Third Party Beneficiaries. Retrieved at http://www6.law.com/ny/links/150sterk.html. Accessed on 6 September, 2004

Appraiser Liability. Retrieved at http://www.brownraysman.com/frame.html. Accessed on 6 September, 2004

Hochster v De La Tour. Retrieved at http://www.kentlaw.edu/classes/rwarner/contracts/cases/Contract_LawHochster_v_De_La_Tour.htm. Accessed on 6 September, 2004

The Meaning of Value in Contract Damages. Retrieved at http://www.wcl.american.edu/journal/lawrev/46/barn.cfmAccessed on 6 September, 2004

University of Florida. Retrieved at http://grove.ufl.edu/~techlaw/vol7/Zavaletta.htm. Accessed on 6 September, 2004

News.com. Retrieved at http://news.com.com/2100-1017-884544.html. Accessed on 6 September, 2004 [END OF PREVIEW]

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