L5M3 – Managing Contractual Risk

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  A written agreement between two robbers to rob a bank which states that the money gained would be split evenly between the two.

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  a domestic agreement between two parents about who will pick the kids up from school

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  a phone call between a supplier and buyer in which the buyer agrees to purchase 100 teddy bears from the supplier for £100.

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  a written document in which Paul agrees to clean Freda's house for £10

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  an email chain between a buyer and supplier which includes a PO and Invoice

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  Orders for Specific Performance can be a lengthy and costly process

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  Orders for Specific Performance can be a cheap and quick way to remedy a breach in contract

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  If a party is ordered to complete a 'Specific Performance' and doesn't, they can be ar-rested

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  The innocent party must mitigate all losses

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  Mediation

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  Arbitration

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  Litigation

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  Negotiation