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Once a contract is signed, it is legally binding on all sides unless?

 

a.   Vendor declares it cannot finish the work 

b.   Either side's lawyers declares it null and void

c.   It violates an applicable law Buyer is unable to finance the work 

d. Buyer is unable to finance the work

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Question ajoutée par Muhammad Farooq , QA-QC MANAGER , AL Bawani contracting co.
Date de publication: 2016/06/25
Ksenija Kancelak
par Ksenija Kancelak , Construction Project Manager , City of Koprivnica, Koprivnica (Croatia)

My opinion is that the right answer is:

c

Muhammad Farooq
par Muhammad Farooq , QA-QC MANAGER , AL Bawani contracting co.

the most suitable answer is option C:   It violates an applicable law Buyer is unable to finance the work 

sardar mardookhy
par sardar mardookhy , Head of portfolio management department , MCI

C. is te most suitable.............

VINAY KUMAR GOSWAMI
par VINAY KUMAR GOSWAMI , Partner , 2MI

Ans: C (Violation of T&C of contract agreement)

Yes, a signed contract is legally binding. If either party does not honour the contract, the complainant party can approach the relevant civil law enforcement institution for enforcement of its execution or revoke penalty provisions. Therefore

A: Buyer can revoke penalty provisions.

B: Contract can not be declared Null & Void without mutual consent. Either party lawyer alone can not declare it null and void unless this right has been given to any party in signed contract.

D: It can form be underlying reason as mentioned in option (may be buyer is bankrupt) for cancellation for violation of payment T&Cs.

Utilisateur supprimé
par Utilisateur supprimé

Thanks for invitation - 

With the choice - C .

Md Fazlur Rahman
par Md Fazlur Rahman , Procurement Specialist , Engineering and Planning Consultants Ltd

b.   Either side's lawyers declares it null and void. 

When contract is signed, it becomes a legal binding for both the parties unless they mutually agree to withdraw from it and declare  the contrcat as null and void 

mamoun mokhtar
par mamoun mokhtar , general manager , albyan technical foungary

unless it is agreed on writing  and by all parties that the contract is violated due to its illegality with the local legislation , or causes some hazard to  inhabitants in the vicinty ,or causing enviromentalbad effect or obstructing traffic , or some civil activities or the need to modify the contract it self due to unexpected changes like change of prices or deevauation of currency or even that no bidding or the information of the bid price had leaked from some source , or if the cotract is done with a conflict of inerest to someoutsider

Mohamed Helal
par Mohamed Helal , Project Manager , GROUP CONSULT INTERNATIONAL

Thanks for invitation....I endorse answers given by colleagues &Experts

Krishna   KHASANIS  PMP
par Krishna KHASANIS PMP , Project Manager-Electrical , Larsen & Toubro Ltd, P T & D (International)

Option " d '" appears to be most appropriate in the given situation. Option " c " can also be made the reason for contract cancellation but it involves convincing the vendor.

Ahilan R
par Ahilan R , Scientific Assistant-D , Nuclear Power Corporation of India Ltd (NPCIL)

b.   Either side's lawyers declares it null and void. 

Eng Ahmed Elsharkawy
par Eng Ahmed Elsharkawy , Civil Engineering Project Manager , Altwijry office

 

thanks for invition ,,,,,,,,,, my choice is option C

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