Northeastern ECON 20689 – The Theory of Contract

Written assignment1. Explain in your own words the Theory of Contract. Cite examples to support your answer.2. What is a breach of contract? What remedies would you suggest for the breach.?3.A builder signs a contract with a customer to renovate the kitchen with the timeline of 3 weeks.The contract amount was $40,000; 1/3rd of the payment to be paid every week. If the work was not finished within the timeframe; the contract will decrease the amount by $500 per day.After 2 weeks, only half the work was completed. The owner asked the contracted about the timelines. The contractor got upset and pointed out that he was trying his best to do the job but since he was not getting the workers, the project was delayed. The owner stopped the payments after the second week but agreed to extend the contract for another week with no payment till the project was completed but the contracted refused to accept this and wanted his full amount. The owner sued the contractor.Based upon your understanding of breach of contract; who was at fault?What should he owner and contractor could have done differently?4. Write a hypothetical contract between a customer and a transportation company for moving from one house to the other.

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