Changing the Contract

Paper Summary:

This paper explains that a contract must meet three elements: (1) mutual assent, an offer and an acceptance; (2) consideration---each party has to give or give up something and (3) have no defenses--- the parties have truly agreed to the terms. The author points out that neither Rexam, Inc. nor the retirees are disputing the fact of having a contract; rather the issue is to prove whether the company is breaking the contract because of changing the terms in the contract, which they assert is legal because the contract expired. The paper relates that the retirees are arguing that "lifetime" is until they die, no matter when the contract expired, so they believe that there is still a contract. The paper describes many types of contracts and damages.

Outline:
Introduction
Contracts
Elements of
Types of
Counterclaim
Jurisdiction
Case Law
Damages
Conclusion

From the Paper:

"Rexam, Inc. along with many other companies who are suing the retirees, do not have to face punitive damages. Punitive damages are what the defendant would owe the plaintiff to punish the defendant for their wrongdoings and to deter similar actions. Since Rexam, Inc. and the retirees are in a contract lawsuit, punitive damages do not apply. The retirees have done nothing wrong to have to pay Rexam, Inc. damages for them wanting to increase the rate they are paying for medical coverage."

Sample of Sources Used:

• Miller, Roger and Gaylord Jentz, Business Law Today, 7th Edition, 2007.
• Law. Com, the Real Life Dictionary of the Law, Gerald and Kathleen Hill, General Publishing Group, 2004.
• Schultz, Ellen, Firms Claim Right to Change Coverage, Wall-Street Journal, Wednesday November 10, 2004.

More papers on Changing the Contract:

• Analytical Essay # 7466 : "The Lost City"
• Case Study # 118591 : "Contract Creation and Management"
• Essay # 56210 : "Legal Norms and the Individual"

APA Citation:

MLA Citation: