Reference no: EM133229429

Terms of a contract and remedies

Daniel requires advice on how to identify and manage the commercial and legal risk associated with entering business agreements as he is unfamiliar with Australian contract law. You must advise Daniel how contract terms and remedies impact business arrangements.

In Part C.1 of your report you must:

1. Identify two examples of the 'fine print' in contracts that may negatively affect the legal rights of one party to the agreement. Examples of fine print include actual contracts used in Australia that can be obtained on the internet, standard form contracts of large business organisations and unethical, dangerous or exploitative contracting practices on the websites of the Australian Competition and Consumer Commission and the Australian Securities and Investment Commission. 
2. Evaluate the legal differences between the classification of a term of a contract as either a condition or a warranty.  In your answer describe each type of term and identify the relevant legal remedies available for breaching that type of term.  Your answer must be supported by common law of contract legal principles and cases.  Do not discuss statute law.    
3. There are multiple forms of dispute resolution for resolving commercial disputes. Identify and describe litigation and mediation.  In your answer describe the feature of each type of dispute resolution.  Then, evaluate the benefits and limitations of each method of dispute resolution.