L201 Test 2 Study Guide Contract Law

L201 Test 2 Study Guide Contract Law - I. Contract Terms:...

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I. Contract Terms: A.) Contract Law a. Not every promise is legally enforceable. b. What promises are enforceable to what extent and how they will be enforced. B.) Elements of Contracts (To make it Enforceable ) a. Agreement b. Between competent parties c. Based on genuine assent of the parties that is d. Supported by consideration e. Made for a lawful purpose f. And in the form required by law. g. If any one of the above is absent, there is no contract!!! C.) Contract types a. Bilateral i. Both parties exchange promises and the contract is formed as soon as the promises are exchanged. 1. Example: a. Perks Café promises to pay $1,000 a month to Perimeter Mall if Perimeter Mall will promise to lease a kiosk in the mall to Perks Café for the holiday season. b. Unilateral i. Only one party makes a promise. 1. Example: a. Perks Café issues frequent buyer cards to its customers and stamps each time a customer buys a cup of coffee. Perks Café promises to give any customer a free cup of coffee if the customer buys 10 cups of coffee. c. Valid/Enforceable i. A contract that meets ALL legal requirements for binding contract.
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d. Unenforceable i. One that meets the basic legal requirements where a contract, but may not be enforceable of some other legal rule. 1. Example: a. If a contract is one of those for which the statute of frauds requires writing but no writing is made, the contract is said to be unenforceable. e. Voidable i. Those in which one or more of the parties have the legal right to cancel their obligations under the contract. 1. Example: a. A contract that is induced by fraud or duress is voidable. f. Void i. Contracts that are agreements that create no legal obligations and for which no remedy will be given. 1. Example: a. Contracts to commit crimes. g. Express i. Parties have directly stated the terms of their contract orally or in writing at the time the contract was formed; however, the mutual agreement necessary to create a contract may also be demonstrated by the conduct of parties. h. Implied i. When the surrounding facts and circumstances indicate that an agreement has in fact been reached, it’s called an implied contract. 1. Example: a. You go to a restaurant and get food; it’s implied that you pay after. Unless you Zadeh. D.) Sources of Contract Law a. Uniform Commercial Code (UCC)
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i. Only about contracts for the sale of GOODS ! 1. Examples: a. Tangible, movable, personal property 2. Does not apply to the sale of SERVICES ! a.
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L201 Test 2 Study Guide Contract Law - I. Contract Terms:...

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