Archive:Rules of Contracts

**THE UNIVERSAL TRIUMVIRATE RULES OF CONTRACTS**
**12.10.12 | 6.9.13**
Arnold Ogamon, Chief Attorney, Senior Executive

**A Law** to provide adequate rules for the creation and agreement to of contracts between individuals, parties, and the government.

**Section 1: Definition of a Contract**

A contract shall be defined as a written or spoken agreement, valid under the law, between two or more parties requiring or providing for a set outcome or requirement.
A contract must contain three elements: an offer made, an acceptance given, and something of value must be exchanged.
**Section 2: Requirements of a Contract**

A contract must contain the following for it to be valid, (note that these apply even when applied as to be determined by the court if challenged):
A) Names of all parties
B) Date enacted
C) How the contract may be annulled (not required, but suggested)
D) It must be agreed to by all parties involved; or they must compulsorily agree to it by order of a court.
E) Complete terms of agreement
**Section 3: Written Contract**

A written contract is valid if it appears on the Universal Triumvirate Wiki publically, with all parties listed, and all terms specified. A written contract should be treated as superior to a verbal contract and given first priority.
All contracts in which the total value of the matter of the contract exceeds 200 tri must be written unless it be a commercial agreement.
**Section 4: Verbal Contract**

A verbal contract is valid if the same requirements are fulfilled. As is it not documented, if one of the parties involved can prove the contract as valid in court by a preponderance of the evidence it shall be held as accurate and valid in the law.
**Section 5: Commercial Contract**

A commercial contract is one in which purchases are made from an institution or individual to another institution of individual. It pertains to the direct sale of goods, and it is valid if transaction records can be proven.
**Section 6: Business Contracts**

All contracts between two businesses that formulate an agreement in more than the sale of products must be written.
**Section 7: Government Contracts**

All contracts that are non-commercial involving the government of the Triumvirate must be written and signed off on by the Executive Branch and Administrative Branch of the Universal Triumvirate; they are not superior to a law passed by the government.
**Section 8: Breach of Contract**

A breach of contract, to be determined by court, is punishable up to the extent of value of the matter of the contract with an additional 50% of the value of the matter of the contract to the institution(s) or individual(s) in breach of the contract along with up to 20% of the value of the contact in fees to the government of the Triumvirate. If within criminal court (a contract with the government), a breach of contract shall be considered a Class III Misdemeanor and punishable as such, along with the value of the matter of the contract.
**Section 9: Exceptions**

A contract shall not be valid or enforceable to any party if it is in violation of the law; in violation of another contract unless all parties to the other contract agree to annul the other contract to provide for the new one; if it can be demonstrated that one or more of the parties to a contract were incapable of formulating an agreement to the contract at the time it was constructed; or if the terms of the contract (or facts known prior) constitute fraudulent agreement.