The Breech of Contract Essay Example

The Breech of Contract Essay Example The Breech of Contract Essay The Breech of Contract Essay There are many ways to terminate the obligations of a contract. Most often, parties conclude their contract obligations by performing them. However, sometimes problems arise and parties cannot or will not complete their obligations under the contract. When this occurs, contracts may be terminated by reasons of rescission, breach, or impossibility of performance. Jared and I were good friends.While in the military we both got stationed away from our home and worked together. Naturally you are more lenient on your friends when it comes to lending money. Jared was having some trouble with money so he comes to me and ask, â€Å" Can I barrow a few hundred dollars until his next payday? † Without even noticing we had a contract. What I didn’t know until now was what type. Express Contract are formed by the express language of the parties, the actual word they use in their agreement and can be either written or oral (Rogers, S. 2012, pg. 66).At the time of the agreement both of us are very much of age and conscious of our discussion what we didn’t really clarify was the detail of the contract. We only talked about how much money he needed and that he will pay the money back with his next two pay checks. We had consideration which was the money we also hade a reasonable timetable for him to pay me back. Then we had an issue. As previously stated we agreed that he would pay me back over the span of two pay periods, which is a whole month. Well after a month I never received anything from Jared so technically he had a breech of contract.Was I worried about the money? No, but now I start thinking if he didn’t give me money back how can I legally get my money back? What do I do take him to small claims court? We never had anything in writing to prove our acknowledgement of a contract. A contract whereby one person promises to answer for the debt must be evidenced by a signed writing in order to be enforceable (pg. 99). We had no witness. All we had was our own words but how well does that hold up in court. I never wanted to or intended to take him to court but I had to find a way to back myself up.So I typed up a contract, signed it, and tired to get him to sign it he just laughs and says, â€Å" you got to be joking† and walks away. Now I’m thinking how much of an idiot I was for not doing this before I gave him the money. Over the next week I’m bugging him about the money he keeps saying he having money troubles. Then the week following he surprised me but paying the full amount in cash saying he was only messing with me. Man what a relief. In the end it can be difficult to request repayment of a loan from a friend More than likely, the lender cares about the borrower, and doesn’t want the borrower to feel awkward.The lender may continue to worry about loan repayment, and thus shut down some or all communications with the borrower in order to avoid talking about the loan. The borrower becomes confused and hurt feelings can result about how they are going to get their money back. No matter if its an family or friend if you create a contract make sure to clarify the consideration, elapse of time, and most of all a way to prove the contract actually happened. References Rogers, S. (2012). Essential of business law. San Diego, CA: Bridgepoint Education, Inc.