Applied Business Law Class September 8

Applied Business Law Class September 8 - Applied Business...

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Applied Business Law Class September 8, 2010 Chapter 10-Overview of Contract Law I. Sources of Law a. Common Law b. UCC II. What is a Contract? a. Elements- What basic components need to establish in order to prove you have a legal and enforceable contract i. Agreement- basic framework of a contract, comes into existence when 2 things happen (Offer and then when offer is accepted) 1. Offer- 2. Acceptance- 3. Genuine Mutual Assent (Defense or element?) ii. Consideration- the value exchanged (presumptively bargained for) 1. Value of bargain- a. 2 ppl independently decided and came to a “meeting of the minds” 2. Sufficiency vs. adequacy a. Legal Sufficiency- a legal requirement for consideration, Qualitative b. Adequacy- something courts never consider, has to do with fairness , Quantitative 3. Consideration can be beneficial or detrimental a. Beneficial- when its good, when getting something in exchange for something b. Detrimental – something you would otherwise do but when receive consideration not to do it, you give up some right or activity iii. Capacity- contract must be between parties that have the lawful capacity ; the following 3 can get out of a contract with loopholes: 1. Minors- objective thing if you are 18 or not 18; proved factually by what is your birthday
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2. Diminished Mental Capacity (proven to be mentally incompetent) - needs an
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Applied Business Law Class September 8 - Applied Business...

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