MCS 3040 Lecture Notes - Lecture 6: Force Majeure, Parol Evidence Rule, Unconscionability

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040

Document Summary

Standard elements in a contract: written contracts have seven parts and lawyers draft contracts according to a standard form. A good title will describe the type of contract. Identification of the parties: important for corporations to use full legal name of corporate entity. State any background information that the parties regard as relevant. Comes immediately before the body of the contract and serves to introduce it the parties therefore agree as follows ; this part if the contract can also include a recital of consideration. All defined terms should be set out alphabetically at the beginning of the agreement. Note that defined terms are generally capitalized throughout the body of the contract, to point out to the reader that there is a definition somewhere within the agreement. Sers of all the obligations (services/product and price; delivery an inspection; term of the contract/termination or renewals; requirement to be in compliance with laws; etc. ).