NAGY, Csongor István ncsi@eik.bme.hu Contracts Class 5 NAGY, Csongor István ncsi@eik.bme.hu.

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NAGY, Csongor István ncsi@eik.bme.hu Contracts Class 5 NAGY, Csongor István ncsi@eik.bme.hu

Agreement: offer + acceptance James to Jerry: Offer Jerry to James: Counter-offer (yes, but = new offer) James to Jerry: Acceptance

Rights if the other party breaches the contract If performance is refused: you may sue for specific performance (but in common law you may sue only for damages) If the goods are defective: reparation, replacement, reduction in price. If you are not interested in the performance of the contract due to the breach: you may cancel the contract. In all cases, you have a right to claim damages, provided, you have suffered any.

Specific types of contract Sales contract Lease contract/Leasing Factoring Distribution agreement Franchising

Sales contract Seller: Buyer (purchaser): transfer of title (ownership) handing over the thing Buyer (purchaser): pay the price take the goods

Lease agreement US: simple lease. Europe: lease + sale. Rationale: financing of durable goods/assets; security; tax considerations.

Factoring ‘Sale of claims’ Financing method Collection service Can the money be collected from the original obigee if the debtor does not pay?

Distribution agreements Framework (sales) contract Mandate agreement The distributor has to take all the reasonable measures to promote the goods. Sole distributor, exclusive distributor, non-exclusive distributor. Selective distributors.

Franchising ‘Resale’ of knowledge It normally involves distribution elements The franchisor gives a franchise (persmission) to the franchisee to use the franchisor’s trademark, knowhow, patents etc. Examples: fastfood restaurants, gas-stations, hotels/hostels.