04 Jul Contract Dispute: Can this contract by rescinded?
You are the manager of a large data processing project. Your company, Systems Inc., worked very hard to obtain a contract with Big Bank to do their conversions from their recent acquisition, Small Bank. The bank met with several companies to discuss who would do the best work on the contract. During your meeting with Big Bank, you told them that you had never missed a conversion deadline. At the time, your company had never missed a conversion deadline, but the company had only done three conversions. You also told them that your data processing systems were the fastest around. After months of negotiation, Big Bank signed the contract. The president of Big Bank said, We like fast, and you guys are fast. We choose you.
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