1. Can Big Bank’s president rescind the contract? Under what circumstances can a contract be rescinded by either party? What facts have to be alleged and proven? What is the result of a contract that is rescinded?
A contract that is rescinded can be at any time by a mutual agreement, even if the contract itself contains a contrary provision. In the Big Bank article the following was agreed on the contract:
• Missed target deadline due to inaccurate information provided onsite details
o Provisions in the field not sync’d
o Formatted differently
• The consultant company advertised ...view middle of the document...
raise in its defense? What are Big Bank’s potential damages?
Tort based claim for negligence seek damages due to delay theirvbranch operations for daily transactions.
3. Review the facts provided and the sample contract. What provisions of the contract could you cite to support an argument that it is not in Big Banks best interest to rescind the contract? What facts could you cite to support an argument that Big Bank be responsible for some of these issues and/or not in compliance with the contract?
Facts that would support an argument that Big Bank is responsible for some of these issues are as follow:
1. Survey information needed from customer to identify software and equipment
a. Data conversion field needed to be changed
2. Rescheduled according to weather
a. Ice Storm
During the implementation of resolutions a natural disaster caused additional delays on the software update.
4. There are three types of contract performance: complete, substantial, and material breach. Describe the differences (and similarities) among the three, and explain some of the legal ramifications for one or more of these types of performances. (e.g., what happens if one party performs completely but the other party performs only substantially?) Give examples from outside readings or experiences in your career or personal business life.
Summary of Events