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Fall 2010 Business Law and the Legal Environment - Exam 2 Review

Fall 2010 Business Law and the Legal Environment - Exam 2 Review

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Business Law and the Legal  Environment Exam 2 Review Fall 2010
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Elements of a Contract Agreement Meeting of the minds Offer Acceptance Consideration Legality Capacity
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Introducing Contracts Types of Contracts Hybrid Contracts (Predominant Factor Test) Statute of Frauds (MY LEGS) Exceptions to the Statute of Frauds UCC v. Common Law requirements for a writing Parol Evidence Rule– keeps outside contract stuff out
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Agreement Offer Intent to enter into a present bargain Definite terms communicated to the Offeree Termination of an Offer Acceptance Mirror Image Rule---common law Battle of Forms Mailbox Rule------can be tricky
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Consideration Exchange of mutual obligations Illusory Promises---- asshole rule Past Consideration – never enough
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Unformatted text preview: Preexisting Duty Rule – police example • Accord and Satisfaction • Defenses to Contract Formation – Legality – Capacity • Exculpatory Clauses • Unconscionable Contracts • Requirement and output contracts Performance of a Contract • Performance of a Contract – Conditions – Strict v. Substantial Performance ---remember the continuum on the board – Personal Satisfaction Contracts--- horse peeing example • Warranties – Express Warranties – Implied Warranties • Breach Remedies • Remedies – Compensatory Damages – Consequential Damages – Incidental Damage – Reliance Damages – Restitution Damages – Specific Performance – Injunctions – Reformation ---- equitable!! • Liquidated Damages • Mitigation...
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Fall 2010 Business Law and the Legal Environment - Exam 2 Review

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