CON | Specific Clauses

Question 1

List the specific clauses relevant

Answer 1

1. The Party Clause
2. The Conditions Clause
3. The Breach of Contract Clause
4. The Entire Agreement Clause

Question 2

Requirements for the Party Clause (11)

Answer 2

1. There must be an ID number, otherwise the name means nothing
2. ID number must have the necessary gaps (3 parts)
3. Include the MARITAL STATUS
4. Include aliases for each party (eg, ‘Seller’)
5. When Juristic person, include the type (in full)
6. Co. registration has DATE + / + 5 digits + / + 2 digits
7. A person signing obo must be authorised by a Resolution of Directors/Members/Board + date.
8. ID of person signing obo not required
9. If INCOP, name 1 + “and” + name 2 + “married INCOP to each other”
10. If OUTCOP then list both names with “and”
11. If married in a foreign country, indicate “which marriage is governed by the laws of X”

Question 3

Requirements for Conditions Clause (3)

Answer 3

1. It must be connected to an UNCERTAIN FUTURE occurrence
2. Must be physically and juridically possible
3. Occurrence must not be subject to the decision of the presentor thereof

Question 4

Requirements for Breach of Contract (12)

Answer 4

“Should any of the parties to this contract
fail to comply
with any of the provisions contained herein,
and fail to rectify the failure to comply
within 7 (seven) days
of written notice to comply therewith,
the other party will have the right,
according to its discretion, to:
-claim specific performance of the provision in question
- cancel the contract, and
- claim any damages suffered as a result of the other party’s breach,
including all legal costs.”

Question 5

Requirements for Entire Agreement clause (15)

Answer 5

1. “The parties agree
   that this will constitute the entire agreement between them,
   and that no additional submittances, promises, warranties or oral agreements,
   whether clear or by implication,
   will be legally binding”
2. “No variation of this document
   will be legally binding
   if not made in writing
   and signed by both parties to this agreement