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Bma342Final[1] - Contracts(Chapters 12&13 Covered Elements...

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Contracts (Chapters 12&13) : Covered: Elements of a contract and details (exceptions, tests, how they end) Offer (together = mutual Acceptance assent) Consideration Lawful subject matter Legal capacity of parties Compliance with the statute of frauds (need some type of evidence in writing) Understand the conduct that can invalidate mutual assent (offer/acceptance) Mutual assent is the offer and the acceptance Circumstances may surround mutual assent that would make it invalid May look ok on its face, but when looked at closer, conduct may be improper Misrepresentation Remedy if misrepresentation occurs can be rescission Must have been a material misrep Of a Fact Cannot be sales puffing (opinion) More like negligence in the act Fraud Knowing and intentional use of false information Knowing and intentional failure to disclose The failure to disclose material info can be fraud or misrep Duress Physical force or threats Economic force Party is deprived of a meaningful choice Has a right of rescission Usually voidable (unless physical force-then void) Undue influence Must have a confidential relationship Attorney/clients Elderly parents/child Pastor/parishioner Voidable Use undue (too much) pressure Contract between those in the confidential relationship Contract classifications Bilateral (2 prom) vs. unilateral (1 prom/action) Express, implied or quasi-contract
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Void vs. voidable Unenforceable Executed (done) vs. executory (incomplete) Breach of contract and remedies/damages Impossibility--K cannot be performed (can’t build house if the land is washed away) Commercial Impracticability--basic assumptions made by parties are no longer true(embargoes arise); can protect themselves by clauses that cover problems (wars, embargos, depressions) Compensatory damages: put party in same position they would have been in without breach Incidental damages--cost of finding other car; attorney fees Liquidated damages--agreement before breach for the amount (clause in K) Consequential damages--damages that are foreseeable; told to other party (anticipate); late fees, loss of income due to delay (Rardin v. T & D Machine Handling Inc.) Agency Law (Chapter 17) : Covered: Parties Looking at the rights and duties of employers and employees when they come together to run a business. A fiduciary relationship based on consent (lawyers acting on behalf of client) Principals----the employers Agents-----people hired by a principal to do a task on behalf of the principal Authority Expressed Implied Expressed authority + implied authority Existence of expressed authority by custom Ex. Treasurer has implied authority to start bank accounts, order checks, etc Ex. Apt manager has implied authority to call for repairs and collect rent Can be limited by agreement b/w parties if they don’t want custom and practice to control their relationship Apparent
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