Consumer Law, Warranties Binding contracts

[natasha1812]

Are there any situations in which a purchase binding contract might be terminated without penalty or damage to any of parties of it? Where can I find more material about this topic?

 

[Michael Wechsler]

Originally posted by natasha1812
Are there any situations in which a purchase binding contract might be terminated without penalty or damage to any of parties of it? Where can I find more material about this topic?

The situation is where it doesn't fall within the confines of your contract. There is no topic I am aware which you can just terminate a deal you don't like. If you made the deal then you have to live with it or find a reason why you can terminate. What you are talking about is usually negotiated when the agreement is made. Can you explain more if I'm not understanding you completely?

 

[natasha1812]

General question

Actually I was researching into the topic of procurement and purchasing contracts particularly for big institutes, and I came across this question, which mentioned that there are such cases, so I was curious about any examples of such cases? THANKS A LOT

 

[Michael Wechsler]

Re: General question

Originally posted by natasha1812
Actually I was researching into the topic of procurement and purchasing contracts particularly for big institutes, and I came across this question, which mentioned that there are such cases, so I was curious about any examples of such cases? THANKS A LOT

It's really impossible to name a case since there are so many -- it's easier when you know a topic of what you are looking for, e.g. evaluating clauses such as a those that might be unconscionable due to public policy (when people as a whole are unable to negotiate terms, e.g. credit cards, and the terms are so onerous as to be an obvious use of power that takes advantage of that leverage against the general public.) The term is called 'unconscionability' and that is one example of cases where clauses may be thrown out. Would not be applicable in most circumstances involving two business in an arm's length transaction.