lecture%203.1contracts.%20HFT3600

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HFT 3600 Lecture 3: Contracts; Jurisdiction; Venue Contracts Contract = Meeting of the minds + consideration + breach + damages Offer and Acceptance; Counteroffer is rejection of offer Written or verbal Statute of Frauds requires contract in writing to be enforceable for some things: Real estate Probate (wills) Debt of another person Executory not to be performed within 1 yr Some states have a requirement for writing if price exceeds a certain amount Parol (verbal) evidence - Used for interpretation of contract by verbal statements not in writing Only allowed if Ambiguity - to determine intent of parties Failure of consideration: eg., credit card is disapproved Capacity to make contract Age, mental disability Impossibility of performance Mutual mistake Substantial performance Tortious interference with contract Tort with damages against party interfering Damages Benefit which parties reasonably expected as result of contract
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Unformatted text preview: Difficult to show damages prospectively suffered by business without history Speculative damages disfavored Attorney fees only if stated in contract or allowed by statute Illegal contracts will not be enforced - drug sales, gambling debts Example Cases Cardinal Consulting v. Circo Resorts; booked 50 hotel rooms in Las Vegas Carnival v. Shute cruise ticket Queen Mary II - hit obstruction leaving Ft. Lauderdales Port Everglades; returned to port for two days; passengers kept on board so ship could leave after repairs. Left but damaged engine made ship slower. In order to reach Rio by scheduled arrival date ship has to skip ports of call in Barbados, Aruba, and Northern Brazil. Ships offered 50% rebate to captive passengers. Passengers protested; wanted opportunity to leave ship before Ft. Lauderdale departure since it was not making scheduled stops....
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