SCENARIO
You are a solicitor working for a firm which provides a series of seminars for clients wanting to set up a business for the first time. Your task is to produce a written report, to be given to each client attending the seminar, setting out in “user friendly” style the principles of law relating to the ‘Terms’ in a contract and ‘Exclusion of Liability’ clauses by answering the following questions:
QUESTIONS:
A. (i) What is the meaning of the following contractual terms?
(ii) What remedy is available if these terms are broken?
a. Condition
b. Warranty
c. Innominate term
B. (i) What is the meaning of the following contractual terms?
(ii) What is the result if the terms are put into practice?
a. Force Majeure
b. Price Variation clauses
c. Retention of title clauses