Final_Exam - Question 1 Issue Is there contract Rule...

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Unformatted text preview: Question 1 Issue : Is there contract? Rule : Contracts need 4 elements to be:-Offer whether its oral or written, semantics matter, words make the contract. It remains open for a reasonable amount of time-which is a jury question, unless otherwise stipulated in the contract. -Acceptance Statute of limitation, time to accept the offer is stated time or reasonable time. -Consideration Both sides have to have consideration, both parties must give up something that they are legally entitled to, it doesn’t matter what the worth was. If there is no consideration, then its just a gift. -Meeting of the Minds Both parties are in a common understanding, this is determined by an objective of standpoint, what a reasonable person observing the conversation would have believed, manifest intentions is what counts. *counter offers are rejections of the first offers and then the first offer is no longer valid. There are numerous defenses in seeing if the contract can be void. Intoxication: Rule: The contract is voidable by the drunk person only. Minors: Rule: Voidable by minor only but the adult can attempt to get back what they gave up to the minor if it is still in the minors possession. Insanity: Rule: (Legally insane-a court has found them insane) The contract is void— neither party can enforce it) : Rule: (Clinically insane-a doctor has found them insane) The contract is voidabl by the insane person only. Mistake: Rule: (Must be about the material aspect of the contract)-Mutual: voids contract if material in nature.-example: barren cow, the difference in value between the value of a cow that can bear calves and one that cannot—contract is void. Does not void if it is just a mistake in value.-example: locked safe with money inside—not void because it was only a question of value.-example: warhol paintin-if no one knew it was a warhol and it was sold for $10- the contract is not voidable. -Unilateral (only if one person makes a mistake)-void if material in nature if two conditions are met:-defendant knew plaintiff was making a mistake AND it would be unconscionable to enforce the contract example-Warhol painting –buyer knows that painting is valuable and it is worth $10 million but sold for $10. difference is value is the unconscionable par. Parole Evidence Rule-Integrated contract: Everything that you would want in a contract appears to be there But there have been oral or written communication that has become before or after the written contract has been made.-if you have a prior written or oral communication that contradicts the contract, but was sent before the contract is not admissible-if you have a prior written or oral communication that clarifies that contract, and was sent before the written contract is signed, it is admissible....
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Final_Exam - Question 1 Issue Is there contract Rule...

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