Please respond to each student 150-250 words use references I have posted the discussion only for reference you DO NOT have to do the discussion just only the references
Student 1 Belinda
Denote what a contract breach is and how it is caused.
A breach of contract is an instance where one or more parties to a contract either actively breaks or fails to fulfill the terms outlined within a legally binding contract. A contract breach can broadly be defined as a violation of any agreed-upon terms and conditions, so the scope of a contract breach can cover everything from late delivery of certain goods or services to missed payments (Juro, 2022). You can have a partial or a complete breach of contract depending on the actions that occur. This can occur when you contract with a company, and they do not complete the job as agreed upon. For instance, for a construction project you hire a contractor to complete the electrical work and they leave before it is complete.
Note what damages and remedies are on contracts.
Depending upon the particulars involved with the contractual breach, there are three primary remedies that may be applied.
- Damages- this is the most common award by the courts in cases of breach of contract. It is calculated based on the actual losses sustained due to the breach of contract. They may also be awarded additional damages including the loss itself if the case is extreme.
- Injunctive relief- this is a remedy which restricts or restrains a party from doing certain acts or requires them to act in a particular way. This maybe permanent or temporary and often ordered while litigation is pending to prevent more damage.
- Specific Performance- This is the court ordering the party to fulfill the contract that has been agreed upon, in other words to complete their end of the bargain (n.a, 2022).
Define a complex licensing agreement.
A complex licensing agreement is a legal contract between two parties. In a typical licensing agreement, the licensor grants the licensee the right to produce and sell goods, apply a brand name or trademark, or use patented technology owned by the licensor. In exchange, the licensee usually submits to a series of conditions regarding the use of the licensor’s property and agrees to make payments known as royalties (Inc, 2020). This type of licensing agreement is important to protect intellectual property such as patents or software license which may be used for a particular project such as our computer systems upgrade.
Juro (2022, March 21) What is a breach of contract? https://juro.com/learn/breach-of-contract
n.a.(2022) Remedies for Breach of Contract. https://glgllp.ca/breach-of-contract-lawyer/
Inc. (2020, February 6) Licensing Agreements: The Basics. https://www.inc.com/encyclopedia/licensing-agreeme…
Student 2 Joy
In this weeks post we will discuss what a contract breach is and how it is caused, what damages and remedies are on contracts and what a complex licensing agreement is.
Breach of Contract
A breach of contract is defined by Kenton (2022) as a violation of any of the agreed-upon terms and conditions of a binding contract. There are different types of breaches of contracts. Kenton (2022) discusses the different types such as a minor breach in which something doesn’t happen by the promised date. A material breach is when you receive something that is different than what was discussed. There are also actual breaches when a party refuses to complete per the terms of the contract or a anticipatory breach when one person states beforehand they will not be completing per the terms (Kenton, 2022).
Damages and Remedies
Damages and remedies are used when a contract is breached. Damages are normally monetary compensation when the contract is not honored, remedies are when the contract is completed per the terms. This is enforced via legal actions using civil suits.
Complex Licensing Agreements
Complex Licensing agreements are used in many types of businesses or projects. Examples can be web licensing, media licensing, etc. Looking at complex Licensing agreements with KPPB Law (n.d.) there are a myriad of issues to consider. Is the licensing agreement exclusive or no exclusive? Are there limitations? Do we need sub-licenses? Is the licensor reserving certain rights? Are there modifications? Updates to the license. How is compensation set up? Confidentiality of the items, or employees, etc. All of these are important to consider for projects as these need to be included in the contract to project both entities.
Kenton, Will. (30 Aug 2022). Breach of Contract Explained: Types and Consequences. Investopedia.https://www.investopedia.com/terms/b/breach-of-contract.aspLinks to an external site.
KPPB Law (n.d.). Complex Licensing Agreements. https://www.kppblaw.com/mergers-acquisitions/compl…
Directions again you DO NOT have to do the initial post
Unit 6: Discussion
2020 unread replies.4040 replies.
Discussion forums allow students the opportunity to analyze and discuss project management topics with classmates and the instructor. They are an opportunity for sharing insights and experiences within project management and are relative to the readings, other weekly course material, and the Unit Learning Outcomes. Please review the Learning Outcomes and the Directions prior to posting your response to the discussion prompt below.
Unit Learning Outcomes
- Explain the various issues that can occur within a contract execution, such as a breach or damage and how to remedy the contract.
- Examine complex licensing agreements.
- Analyze the various steps of the contract process from drafting, through negotiation, and execution and closeout.
- Analyze the complexity that occurs during the contracting process.
- Evaluate team performance.
What are some of the various issues that can arise during contracting? After reviewing the materials from this week, discuss the various issues that may occur while dealing with contracts on a project. Ensure you are noting the following:
- Denote what a contract breach is and how it is caused.
- Note what damages and remedies are on contracts.
- State what a complex licensing agreement is.