Fall 2010 Business Law and the Legal Environment - Week 6

Fall 2010 Business Law and the Legal Environment - Week 6 -...

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Click to edit Master subtitle style Business Law and the Legal  Environment Week 6 Fall 2010
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Quote “The whole duty of government is to prevent crime and to preserve contracts.” Lord Mansfield
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Contracts What is a contract? A promise that the law will enforce Purpose of contracts?
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History of Contract Law
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Elements of a Contract Agreement Offer – offerer - promiser Acceptance- offeree - promisee Consideration Legality Capacity
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Parties to a Contract Offeror ¨ Offeree Promisor u Promisee
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Types of Contracts Bilateral v. Unilateral Express v. Implied Executory v. Executed
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Bilateral v. Unilateral Bilateral Contracts = A promise in exchange for another promise --- not just handed the calculator - both sides make a promise Unilateral Contracts = A promise that is accepted through performance (by doing or not doing something) -fully perform to accept
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Express v. Implied Distinguishing between the manner of assent: Express Contracts = Where two parties explicitly state all of the important terms of their agreement orally or in a writing.– majority are these Implied Contracts = Where the words or conduct of the parties indicate that they intended an agreement.--- dropped the
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Executory v. Executed Executory Contracts = An agreement where 1 or more of the parties have not performed (fulfilled its obligations). Executed Contracts = An agreement where all parties have performed (fulfilled their obligations).
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Hypothetical Jeff made the following offer to Shandra in an email: "I will pay you $5000 if you agree to remodel my office. Please let me know by tomorrow." The next day Shandra called Jeff and said that she would undertake the remodel. At this point, the contract is an:
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Answer Executory, Bilateral, Express agreement
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Contract Enforceability Valid = All necessary elements are present making the contract binding and enforceable.- the court will enforce it Enforceable Contract = a valid contract that can be enforced because there are no legal defenses against it. Voidable Contract = is otherwise binding but may be voided at the option of one party. Ex. Fraud, Minor- one party can retract because theyre protected – volvo example with a minor------ messed up calculator example Unenforceable Contract = A contract exists, but it cannot be enforced because of a legal defense. Ex. K is not written and should be
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Sources of Contract Law Common Law Restatement (Second) of Contracts Uniform Commercial Code (UCC)
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Common Law of Contracts Basis of all contract law State specific case law concerning contracts Pertains to contracts for: services, employment, real estate etc… (everything except the sale of goods) Primary source of law that is binding
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Restatement (Second) of Contracts Codification of contract law Written by academics, lawyers and judges Is a treatise and not directly binding precedent in any state, but it is very persuasive
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This note was uploaded on 11/04/2010 for the course MKTG 3340 taught by Professor Smith during the Spring '10 term at Roanoke.

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Fall 2010 Business Law and the Legal Environment - Week 6 -...

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