Contract design gives these skills using a five-part framework of business topics: money, risk, control, standards and the end of the game. A careful analysis of a range of agreements shows that these trade issues recur in most agreements, albeit in different ways. With an understanding of these issues, the student (or lawyer) is better able to analyze a transaction and see how each of the problems manifests itself in a particular agreement. The manual describes in detail the different sections of the framework, and then proposes a series of exercises in which students apply the framework. Many exercises refer to a single factual but scalable model: the purchase of a jet by a “ne`er do-well” with significant financial problems. The exercises are varied. In one exercise, the students mark the introductory provisions of the aircraft purchase contract. In another design of the viewing section, while in a third, they revere a precedent for the purchase of airplanes, mark different sections and add new provisions as is necessary in the exercise instructions. The character of the exercises that require new work varies depending on the theme. At the beginning of the course, students design discrete sections of contracts: preambles, recitals, statements of consideration, definitions, etc. Towards the end of the course, students develop longer arrangements and a short, unprecedented lease. To teach students about translation skills, the manual describes negotiating a relatively simple transaction: buying a home. By analyzing the contractual concepts that best offer the buyer the commercial insurance he aims for, students learn the legal and commercial impact of representations and guarantees, alliances and conditions.
This material emphasizes that contractual concepts are not academic concepts that are buried in treaties, but legal means of conducting commercial activity. 2. Purchase price. The purchase price is $11,000, paid with a certified check at closing. 5. Binding effect of this agreement. This agreement benefits the parties, their heirs, their successors, their legal representatives and the beneficiaries of the transfer and binds them.