Lecture notes
Commercial Law & Practice LG01 D4
- Module
- Commercial Law and Practice
- Institution
- City University (City)
Commercial Law LG04 document 4
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LEGAL PRACTICE COURSECommercial Law and Practice
Large Group 1: Exercises – suggested solution
3. Exercise: Common Terms of Supply
List areas which you think clients will have agreed, in a typical agreement for the
supply of goods, before instructing their solicitor.
What is to be supplied
Timing
Price
When is price to be paid and how
Others - students to suggest
List additional areas which you think the solicitor will advise should be covered in the
contract.
What happens if price not paid either on time or at all?
What happens if goods not delivered on time?
Ensure certainty – how much, when, where
Allocation of risk
4.2 Exercise: Contract Formation
Give examples of why it is important to know when parties may be bound.
From moment of binding contract, obligations and rights commence. From that point,
nothing can be varied, added or omitted without further consideration and all parties’
consent.
If enter into a contract too early then may cause problems, such as:
contract may not have all terms intended;
may have adverse tax or other consequences; and/or
necessary finance might not be in place to pay for the contract.
docs_898353279.docx 1/4 © City, University of London 2020
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