Final Review Sheet_StudyGuide - HA 387 - Final Review Sheet...

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CONTRACTS: Need 4 things: 1.) Offer - Words matter - Remain open for a reasonable amount of time (this is a jury questions), unless otherwise stated - A counteroffer is considered a rejection of the original offer 2.) Acceptance 3.) Consideration: - Both sides are giving something up to which they are legally entitled - If there is no consideration, it’s considered a gift 4.) “Meeting of the Minds” - Manifest intentions is what counts - Whether you were secretly joking or not is determined by an objective standpoint DEFENSES TO CONTRACTS 1.) Intoxication: - Contract is voidable by drugged person only - If you remember the details of the conversation, you will not be considered as intoxicated 2.) Minor: - Under 18 years old - Contract is voidable by minor only; adult is allowed to try to void the contract 3.) Insanity: a.) Legally insane: Contract is void b.) Clinically insane: Contract is voidable by insane person only 4.) Mistake: - About the material aspect of the contract a.) Mutual: Contract is void. ..barren cow example b.) Unilateral: Contract is void if: i. Defendant knew plaintiff was making a mistake and ii. It is unconscionable to enforce the contract ($10 vs. $10,000,000) - It’s not considered a mistake with the safe example because that’s only a question of value 5.) Parol Evidence Rule: - Oral or written communication - If prior communication and it contradicts terms, then it’s inadmissible - If prior communication and it clarifies terms, then it’s admissible - Any information given after is admissible 6.) Statue of Frauds: - Oral contracts are generally admissible - Statue of Frauds says that certain kinds of contracts need to be written: 1.) Real property 2.) Couldn’t be completed within 1 year - So, if the contracts are not written for these two categories, you are violating the S.O.F. - Unjust Enrichment???
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Final Review Sheet_StudyGuide - HA 387 - Final Review Sheet...

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