VIDEO OF THE DAY
BELOW ARE THIS WEEK’S LESSONS
CONTRACT MANAGEMENT CYCLE
Contract management in procurement is an ongoing process that sees to it that suppliers and buyers stick to their agreed contractual obligations as well as negotiating any future changes that need to take place.
RISK ASSOCIATED WITH VERBAL CONTRACTS
Contracts can be verbal or written. Both are effective but the challenge comes in when things start going wrong or when things don’t go our way. So what can we do? It is generally preferred to put commercial agreements in writing in order to minimize a number of risks as reflected in the video.
UNDERSTANDING CONSIDERATIONS
Offer and acceptance are not enough to result into a valid contract. Consideration is the principal way in which the court decides if the agreement resulting from an offer and acceptance should be legally enforceable. In the current time consideration is the price one pays for the promise made by another party.
UNDERSTANDING TERMS OF A CONTRACT
A more safe way to have what you have negotiated is to have it included in the contract. This means putting it in as contractual obligations. Contractual obligations (terms of a contract) can be express or implied and they don’t carry the same weight. In this video we find out more.
NATURE PURPOSE & CLASSIFICATION OF LAW
The law is only as powerful as the reason for its existence. This lesson covers what LAW is, purpose of law, classification and general nature of law. it is a video summary as to what one can expect when dealing with various legal aspects.
3RD PARTY POSITION IN CONTRACTS
“The doctrine of privity means that a contract cannot, as a general rule, confer rights or impose obligations arising under it on any person except the parties to it.” (GH Treitel, The Law of Contract) Privity doctrine has it that only parties to the contract can, among other things, sue or be sued on the contract. But exactly how does this work?
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