Instructions:
Write a contract based upon the facts below. You may use information from any available source, e.g. textbooks, existing contracts, internet contracts, etc. (Sample contracts are available on the internet in a multitude of varieties. You should check some of them out before you begin this assignment,) you do not have to write in legalese. Everyday English will suffice. You may include as many sections as you want but at a minimum, you must adequately address the following issues:
If you include additional sections, make sure they relate to the scenario below.
Facts:
Your best friend, Chris Williams, is a competitive tennis player. While at the U.S. Open, she ran into Martina Sharpo, a professional tennis player. Martina told Chris she had 4 tennis racquets that she would sell for $4,000. Chris will pay $1,000 down (cash) with the remainder to be paid in monthly payment of $600 (via money order) for 5 months to Martina. Payments will begin on November 1, 2019. All payments will be due on the first of the month. Chris must receive the tennis racquets in time to prepare for next season. Chris wants a clause in the contract that if she does not receive the racquets by November 15, 2019, she will be allowed to recover the monies she has paid. If Chris does not pay, Martina wants a clause that she can recover the racquets. Chris knows you are enrolled in a Legal Environment of Business course and has asked you to help write a simple contract.
Answer
SALES CONTRACT
This Sales Contract, dated October 16, 2019 is executed between: -
Martina Sharpo, the Seller (Address: - 5, Straight Line, New York City)
And
Chris Williams, the Buyer (Address: - 23, Bent Line, San Francisco)
1. Background.
The Seller would sell 4 tennis racquets to the Buyer as per the Terms and Conditions set out in the succeeding paragraphs.
2. Consideration
For and in consideration of the sum of $4,000 United States Dollars (USD) for which the Seller would give receipts to the buyer of having received the required payments as per the payment terms.
3. Payment Terms
(a) The Buyer would pay $1,000 USD as down payment to the Seller for which the Seller would give a duly signed Receipt of Payment instantly on November 1, 2019.
(b) The balance $3,000 USD will be paid by the Buyer to the Seller in five equated monthly installments of $600 USD each via money order as per following schedule: -
|
(1) EMI No. |
(2) Amount (USD) |
(3) To Reach Seller by Money Order By Date |
(4) Remarks |
|
1 |
600 |
December 1, 2019 |
1. The date mentioned in the money order receipt should be on or before the due date mentioned in column (3) of this table. 2. The Seller would give receipts to the Buyer failing which money order receipts would the serve the purpose of Receipts from the Buyer. |
|
2 |
600 |
January 1, 2020 |
|
|
3 |
600 |
February 1, 2020 |
|
|
4 |
600 |
March 1, 2020 |
|
|
5 |
600 |
April 1, 2020 |
4. Delivery Terms
The Seller would dispatch the 4 tennis racquets such that the Buyer receives in good condition on or before November 15, 2019.
5. Default/Breach (damages and remedies):
(a) In the event of the Buyer does not receive the racquets by November 15, 2019 or receives in damaged condition either partly or fully, the Buyer will be allowed to recover the down payment made to the Seller with a penalty of $1000.
(b) Further, the Buyer will not be required to make further payments as detailed at Table at Para 3(b). The Buyer is required to communicate in writing to the Seller about either non-receipt of 4 racquets or receipt in damaged condition by November 16, 2019 with an advanced email communication on that date.
(c) Subject to receipt of the 4 racquets in good condition on or before Novemebr 15, 2019; in the event of the Seller does not receive the consideration amount in a timely manner, the racquets would be recovered from the Buyer in good condition failing which the Buyer would be liable to pay a penalty of $1000 USD per damaged racquet.
6. Integration:
This agreement between the two parties is complete in all respects and takes care of the delivery of items and payments in totality and that no further deviation is necessary during the agreed period of contract.
7. Notice to Parties:
Any notice to be served by any party to the other party has to be in the form of a written and signed document. The signed document must be forwarded to the address of the party with a condition to receive the acknowledgement duly signed. The notice must have at least a period of one week from the signed date of receipt within which the addressed party has to respond.
8. Choice of law and venue:
Under the jurisdiction of New York City Civil Court
9. Modification:
Any future modification to this contract or any of its terms will have to be agreed upon by both the parties mutually within 15 days from date of signing the contract. After 15 days, no further modification would be allowed.
10. Attorney Fees: US $250
(Signature of the Seller) (Signature of the Buyer)
In the presence of
1.
2.
(Counter Signature of Adjudicating Authority)
Date: Stamp of Authority
Place:
Instructions: Write a contract based upon the facts below. You may use information from any available...
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