contract legal relationship, law homework help

Written Assignment – Correct for word usage, mechanics and legalese
Correct the draft of this minimal contract for word usage, mechanics, and legalese errors only.You do not need to add facts or provisions to make it complete. It meets the statute of frauds. It is not detailed enough to meet a law office standard of care for drafting, but that is something you do not need to fix.
Pay particular attention to word usage, sentence fragments, possessives, plurals, double negatives, past and present tenses, and subject and verb agreement. If something is mandatory, use shall. If it is optional, use may.
Subject and verb agreement means that the verb needs to be plural if the main noun in the sentence is plural. Example: “I were going to town” should be “I was going to town.” I, the singular subject, needs to agree with was, a singular verb. “We were going to town” is correct because the plural noun we agrees with the plural verb were.
Please use MS Word’s track changes feature to show your changes.The first change is supplied for you.
This agreement is dated July 1, 2014, and signed by the parties on said date. Parties:
Rachel Hampshire, hereafter, Rachel, and Ellen Vermont, hereafter Ellen, agree as follows:
Subject matter of agreement:
Ellen agreed not to fail to promptly re-finance Rachel’s failing coffee shop. The venture is failed due to lack of funds to pay past due employee taxes and due to lack of proper equipment, and past due supplier bills.
Material terms:
Ellen has supply $75,000 for the first year’s necessary funds, and Rachel is manage the venture, up to 65 hours per week.
Ellen get 25% of net profits, for investment, first five years of this agreement. After, Ellen receive 10% of net profits, for the following five years, after which, all payments to Ellen end.
Rachel get no salary, only profits that didn’t get paid to Ellen.
This agreement is not transferable, or assignable by either party.

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Price:
$75,000 in exchange whereof for the profit sharing interest hereof and wherein-above stated.
Signatures:
_____________________________________________
Ellen VermontRachel Hampshire

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