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Breaching of Contracts

Breaching of Contracts. Mobil Oil Exploration & Producing South East, Inc. V. United States 120 S. Ct. 2423 (2000) Presented by Saravanan Velrajan. Agenda. Breach of Contract – Introduction Restatement of Contracts Case Study - Restitution Summary. Breach of Contract - Introduction.

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Breaching of Contracts

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  1. Breaching of Contracts Mobil Oil Exploration & Producing South East, Inc. V. United States 120 S. Ct. 2423 (2000) Presented by Saravanan Velrajan

  2. Agenda • Breach of Contract – Introduction • Restatement of Contracts • Case Study - Restitution • Summary

  3. Breach of Contract - Introduction • Party does not live up to the obligation of contractual performance • Remedies • Negotiated settlement • Arbitration • Various damage awards • Specific performance • Rescission or Restitution

  4. Restatement of Contracts • When one party to a contract repudiates that contract, the other party is entitled to restitution for any benefit that he has conferred on the repudiating party by way of part performance or reliance. • Contract Laws are the same for government & private individuals.

  5. Case Study - Restitution • Mobil Oil Exploration & Producing South East, Inc. V. United States • The Contract $158 million upfront bonus for oil exploration in N. Carolina coast • Breach of contract by United States Govt. • Refund of money by US Government upon repudiation from oil companies

  6. Summary • Breach of Contracts – Introduction • Restatement of Contracts • Case Study - Restitution • Conclusion

  7. References • Reed, O. L., Shedd, J. P., Morehead, W. J., & Corley, N. R. (2002). The legal and regulatory environment of business. New York. McGraw-Hill. Retrieved May 17, 2005, from University of Phoenix, Resource, ORG502-Human Relations and Organizational Behavior Web site: https://mycampus.phoenix.edu/secure/resource/resource.asp

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