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Note 4-21-08 CH 11,13, 15, 19, 20

Note 4-21-08 CH 11,13, 15, 19, 20 - -May have wrong...

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4/21/2008 Notes CH12 Contract: Consideration Consideration Legal Value - promise - performance - Forbearance CH13 Capacity and Legality Void – never had life Voidable – could cancel (Minor) Minors do not have capacity to get in to a contract 18 is the age of majority and that is when you could file a lawsuit CH15 Statute of Frauds Contracts must be in writing - Any sales over $500 need to be in writing - If a contact takes more than 1 year, it needs to be in writing - Prenuptial agreement, need to be in writing CH18 Breach of Contracts and Remedies Breach occurs if some one does not follow the terms If you breach a contract, you may have to pay for the damages. Specific Performance - Law does not really get involved in this.
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- Real estate if the buyer backs out at the end. Some times the judge orders the buyer that they have to buy the place. Rescission - undo a contract
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Unformatted text preview: -May have wrong information from the 3 rd party. Exculpatory clauses – provisions stating that no damages can be recovered Limitation of liability clauses – provisions that affect the availability of certain remedies CH19 E-contracts No separate contract laws in e contracts E-contracts could be done with e-mails (with all needed of a contract and it is in writing) Most basic law of contract law applies Shrink wrap agreement – contract terms are inside the box, party opening box agrees to terms to keep the merchandise CH20 Uniform commercial code Facilitates commercial transactions If UCC does not mentions the common law takes over Every state adopted this code as law UCC article 2 – sales of goods UCC – covers for the terms that are missing Consideration UCC must be made in good faith...
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Note 4-21-08 CH 11,13, 15, 19, 20 - -May have wrong...

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