Exam 12: Practical Contracts

Lucky,a contractor,enters into a contract with Penny,a homeowner,to remodel her kitchen.The contract provides a specific completion date,but does not specify what will happen if Lucky does not have the job finished by the date. So,Penny may deduct $100 per day from the contract price until the job is finished,because this is the industry norm.

If you have an established relationship with a buyer,you can sell small tracts of land without a written contract.

Outline the parts of a typical contract.

Nate works as a carnival barker. His employment contract specifies that he can be fired if he "loses his voice." This is an example of:

Compare and contrast the perspectives of a lawyer and a client when approaching the negotiation of a contract.

Because details can always be added later,it's better to not overwhelm a contract with specifics in the beginning.