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Contract News
Breach Of Contract
The courts recognize a claim for damages when someone induces a breach of contract or interferes with financial expectancies. An improper motive such as fraud or duress is usually required. Most authorities find that mere persuasion or entreaty is not enough (Connecticut Law of Torts, chapter XIX, § 165).
For intentional interference with contractual relations, the plaintiff must have a contract with a third person and the third person must be induced to break the contract with the plaintiff.
Interference with a business relationship requires (1) a business relationship between the plaintiff and another party, (2) the defendant’s intentional interference with the business relationship while knowing of the relationship, and (3) actual loss by the plaintiff due to the interference (Hi-Ho Tower, Inc. v. Com-Tronics, Inc. , 255 Conn. 20 (2000)). There must be a direct relationship between the defendant’s act and the plaintiff’s loss and a reasonable expectation of receiving a profit in the prospective transaction. A mere possibility of making a profit is not enough (Connecticut Law of Torts, chapter XIX, § 165).
A Person Must Have The Legal Power To Enter Into A Contract
People who do not have legal power to enter into contracts are - children under 7 years, people who are mentally insane and people who are under the influence.
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Definition:
An agreement by which the buyer may purchase an unspecified amount of goods from a seller over a certain period of time without changes in the price or the contract terms.
Seal
Definition:
A mark or sign that is used to attest the execution of an instrument, contract, or other document.
Futures Contract
Definition:
A contract for the future delivery of a specified commodity, currency or security on a specific date at a rate determined in the present.
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