Describe the purpose of a third party beneficiary contract and explain two common types. You have...

Describe the purpose of a third party beneficiary contract and explain two common types.

You have just won a contract with the federal government. You are the prime contractor and plan on using subcontractors. Explain the Privity of Contract Rule for this government contract.

What is breach of contract? Summarize the remedies available for breach of contract and damages.

Describe a liquidated damages clause and specify when this type of clause may be used in a business contract.

Expert Solution

1. The purpose of third party beneficiary contract is that the third party beneficiary contract give third party legal right of the contract and can also sue the promisor directly for the breach of contract. the two most common types of beneficiaries are creditor beneficiary and donee beneficiary. the creditor beneficiary befit from the contract that one party promises another party to pay a debt that the promisee owes to third party. Donee beneficiary is when a contract is made for the sole purpose of giving a gift to the third party , the third party can sue the promisor directly to enforce the promise.

2. In goverment contracting ,the owner and the prime contractor enter into a written agreement. this is generated from the solicitation and ultimate award of the contract . the goverment has no privity of contract with subcontractor.

3. Failing to perform any term of contract , written or oral, without a legitimate legal excuses. this may include not completing the job, not paying full or on time, failure to deliver the goods, being late without any execuses.

Damages-----compensation, punitive, rescission and restitution. specific performance.

4. A liquidated damages provision in a contract specifies that a certain dollar amount is to be paid in the event of future default or breach of contract. damage can be liquidated in a contract only if the injury is either uncertain and difficult to quantify. the amount is reasonable and considers the actual or anticipated harm caused by the contract breach. The loss is difficult to prove.

keosha answered 1 year ago

Can traditional contract law that applies to third-party beneficiary contracts, assignments, and delegations, apply to those...

Can traditional contract law that applies to third-party beneficiary contracts, assignments, and delegations, apply to those same types of contracts entered into on the Internet? Why or why not? What is the current state of technology for protecting online transactions? How can a party be assured that the negotiation and transmission of a contract online is secure? How can the performance of a contract be monitored online?

In this module, you learned about third party contract rights and that there are generally two...

In this module, you learned about third party contract rights and that there are generally two ways to have rights under an existing contract. In the following scenario, determine whether Jake has the right to sue. Betty contracted with Scooby’s Skate store to deliver a pair of skates to Jake for his birthday. Scooby’s owner was going on a trip and delegated the delivery of the skates to Brian. Brian failed to make delivery. Can Jake sue Brian for breach...

A third party who is intended to directly benefit from a contract made by two contracting...

A third party who is intended to directly benefit from a contract made by two contracting parties, is called an incidental beneficiary T/F If a contract states I assign all my rights under the contract , in most cases the assignment will be considered as assignment of rights but not duties T/F In order for an assignment to be valid, you must use an assignment form T/F A material breach does not discharge the non-breaching party from his obligations under...

explain the overall concept of insurance and describe the third party payer system

Describe the purpose and key financial aspects of the current healthcare reform (include components of third-party-payer...

Describe the purpose and key financial aspects of the current healthcare reform (include components of third-party-payer system and taxing principles) Include the question in your answer.

Discuss the history of third-party reimbursement. Describe the most common reimbursement methodologies used in the past,...

Discuss the history of third-party reimbursement. Describe the most common reimbursement methodologies used in the past, and then discuss the methodologies that are most common today. Explain the long-term implications for the health care provider, the payer, and the patient, as the method for reimbursement continues to evolve.

In all types of insurance one party must have such an insurable before a contract of...

In all types of insurance one party must have such an insurable before a contract of insurance can be purchased on or for another party. agent interest indemnity risk Which of the following can be treated by the risk management process? static risks dynamic risks static risks and dynamic risks Enterprise risk Which of the following deals with Tort Law and the concept of Negligence? property insurance business insurance liability insurance life insurance

5. There are two kinds of third-party payers; private insurers or public insurers. Describe the two...

5. There are two kinds of third-party payers; private insurers or public insurers. Describe the two and give examples of each. 7. Understand the similarities and differences between different reimbursement methods, such as fee-for-service reimbursement and capitation. 8. Explain the difference between cash accounting and accrual accounting. How are the revenue recognition and matching principles related? 9. What is the difference between operating and net income?

Define the following terms: outsourcing/contract logistics, third party logistics companies, and logistics integrators. Explain, with specific...

Define the following terms: outsourcing/contract logistics, third party logistics companies, and logistics integrators. Explain, with specific details, how each helps the efficiency of supply chain management

Please discuss a contract you are a party to - indicating what party you are and...

Please discuss a contract you are a party to - indicating what party you are and what type of contract it is using vocabulary from this chapter. Subject BUS 201 Business Law

Question