Lecture 0: Introduction

Question 1

Define the main phases of a contract lifecycle

Answer 1

1. Pre-contract - Key documents include:

1. Non-disclosure agreement
2. Letter of intent
3. Memorandum of understanding
4. Heads of agreement

Also:

• Dispute settlement and enforcement
• Determining governing law and jurisdiction

2. Contract - The structure of which is:

1. Introduction: Preamle, recitals etc.
2. Primary operative provisions (core sections): Price, payment, delivery etc.
3. Secondary operative provisions: Liability, limitation, indemnification, liquidated damages etc.
4. Framework provisions: Choice of law and jurisdiction (dispositive and mandatory law), assignment, no waiver etc.

3. Post-contractual obligations

Question 2

What is the primary challenges of contracts?

Answer 2

• Interpretation of input
• Language
• Format (standadised or special)
• Output