CLASS NOTES TEST 2a

CLASS NOTES TEST 2a - CLASS NOTES TEST #2 2/15/07 Chapter 8...

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CLASS NOTES TEST #2 2/15/07 Chapter 8 Promise - A promise is to do something (or not do something ) in the future. - Promisor makes the promise - Promisee accepts the promise Contract - a contract is an agreement that can be enforced in court - offeror makes the offer - offeree accepts the offer Definition of a contract You must have these to be a valid contract Agreement: offer + acceptance Consideration Contractual capacity (don’t make a drunk person sign a contact)lk Legality Contract Enforcability Vaild Contract – meets all 4 elements of a contract Void Contract – no contract at all Voidable contract – valid contract that can be cancelled by one or both of the parties Unenforcable contract – valid contract that is unenforceable under the law Quasi Contracts It is not a contact Courts use these quasi contracts to prevent one party from being unjust. It is called equitable remedy Also called implied-inlaw-contracts. Are fictional contracts imposed on parties by courts to avoid unjust enrichment. Contract Interpretation – Do not need to know this for an exam
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Ch. 10 Settlement of claims Promissory Estoppel - Rely on a promise to your detriment - Promissor is “estopped” from revoking the promise - Lacks the element to make it a valid contract - One or more elements are missing Ch. 11 Contractual capacity - legal ability to enter into a contract - legality formed for a legal purpose Void vs. Voidable Void Contract – no contract exists Voidable contract – may be canceled at the option of one or more of the parties Either one of the other Minors - minor o most states under 18 - Age of majority o Usually 18 - contracts entered into by minors are generally voidable by the minor Minors right to disaffirm Disaffirm – minors right to cancel the contract Minor can disaffirm up to age of majority plus a reasonable time thereafter A minor must disaffirm the entire contract In most states, minor must return goods “as is”
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The modern view is to restore adult to precontract condition Exception to right to disaffirm - misrepresentation of age - liabilities for necessaries(food,clothing,shelter) - Generally even if a minor misrepresents his or her age they can still void the contract Necessary Not insurance Loans generally are not Contracts Contrary to Public Policy - contracts in restraint of trade (monopoly’s) o covenants not to compete sale of business Emplyment contract - Unconscionable contracts o Oppressive and unfair o Ex: Donald trump handing a long oppressive prenup two days before a wedding - Exculpatory clauses o Release a party from liability no matter who is at fault o Ex: Landlord and tenant agree that any injury that the tenant suffers on the landlords land is not the landlords fault regardless of negligence or fault o Essential vs. nonessential service Effect of Illegality Both Parties equally at fault An illegal contract cannot be enforced Effect of Illegality – Exceptions Justifiable ignorance Protected classes Withdrawal from an illegal agreement Severable divisible contract
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CLASS NOTES TEST 2a - CLASS NOTES TEST #2 2/15/07 Chapter 8...

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