Exam 19: Practical Contracts

Identify and explain at least four situations where a written contract is either necessary or recommended.

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.

"Scrivener's error" is another (fancier)name for a typo.

Outline the parts of a typical contract.

In a contract modification,the phrase,"charged with such amendment" means:

You should hire a lawyer to review any legal papers you have to sign,including such papers as lease agreements or car purchases.