fall 2010 bule 402 contracts 1

fall 2010 bule 402 contracts 1 - Contracts Prof. Julie...

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2/6/11 Contracts Prof. Julie Shubin Bule-402-002-S10 Commercial Law © Julie Shubin 2010
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2/6/11 Today’s class Introduction What is this course about How will I teach it to you Syllabus Important dates – final December 20 Class introductions Assessment
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2/6/11 Cat of the day – tribute to Bert—they promised to take care of me and they
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2/6/11 The pink cupcake bakery
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2/6/11 Introduction to Contracts Purpose Judicial Role What do you need for a contract (K) Definition The law – how has it evolved Types of Ks Judicial Remedies
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2/6/11 “If you understand the contract issues that courts scrutinize, the agreement you draft is likelier to be enforced. You thus achieve greater control over your affairs -- the very purpose
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2/6/11 The Purpose of a Contracts exist to make business matters more predictable. Contracts – from small to large Judicial Activism vs. Judicial Restraint Judicial restraint makes the law less flexible but more predictable.
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2/6/11 Elements of a Contract Agreement One party must make a valid offer, and the other party must accept it Consideration There has to be bargaining that leads to an exchange between the parties. Legality The contract must be for a lawful
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2/6/11 Contracts Definition A promise that the law will enforce. Development of Contract Law Common law once required all contracts to be in writing, with a seal affixed. Later, some payment was required before a contract could be enforced. Mutual promises became enforceable in
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2/6/11 Types of Contracts (or Agreements) Bilateral vs. Unilateral Express vs. Implied Executory vs. Executed Valid vs. Unenforceable vs. Voidable vs. Void
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2/6/11 Types of Contracts (or Agreements) Bilateral and Unilateral Contracts Bilateral: both parties make a promise (to do something) to each other. Unilateral: one party makes a promise to the other that the
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2/6/11 Types of Contracts (cont’d) Express and Implied Contracts Express: the two parties to the contract explicitly state all of the important terms of their agreement. Implied: the words and conduct of the parties indicate that the parties intended to make an agreement.
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Types of Contracts (cont’d) Executory and Executed Contracts Executory: when one or more parties has not fulfilled its obligations under the contract. Executed:
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This note was uploaded on 02/05/2011 for the course BULE 402 taught by Professor Shubin during the Fall '10 term at George Mason.

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fall 2010 bule 402 contracts 1 - Contracts Prof. Julie...

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