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LEGL - Ch. 8 (Part I)

LEGL - Ch. 8 (Part I) - Introduction to Contracts...

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Unformatted text preview: Introduction to Contracts Introduction to Contracts Chapter Eight Contract Law Contract Law Sources of Contract Law Contract law has primarily been developed through the common law However, states have also passed statutes regulating certain areas of contract law Uniform Commercial Code Contract Law Contract Law Types of Contracts Bilateral vs. Unilateral Contracts Bilateral contract = An agreement containing mutual promises Unilateral contract = An agreement with only one promise Contract Law Contract Law Contract Performance Executed contract = An agreement under which the parties have performed all of their commitments Executory contract = An agreement under which the parties have not yet performed their agreement Contract Law Contract Law Contract Formation Five essential elements for a valid contract: Offer Acceptance Consideration Capacity Lawful Purpose Contract Law Contract Law Contract Formation Offer = A specific promise and demand Typically an offer must be of sufficient specificity that the offer could be accepted without any additional terms Contract Law Contract Law Contract Formation Termination of an Offer: By revocation By provision in the offer By rejection or counteroffer By lapse of a reasonable period of time By death/insanity of the offeror By destruction of subject matter For illegality Contract Law Contract Law Contract Formation Acceptance = Entering into a contract by agreeing to an offer Mirror Image Rule Mailbox Rule Contract Law Contract Law Contract Formation Mailbox Rule Monday Tuesday You send contract to me I sign contract and return in mail Wednesday Thursday You call to revoke offer You receive signed contract in mail Contract Law Contract Law Contract Formation Mailbox Rule Monday Tuesday You send contract to me You send revocation of offer via mail Wednesday I sign contract and return in mail Thursday I receive revocation Contract Law Contract Law Contract Formation Consideration = Something of value given by both parties to a contract that induces each of them to enter into the agreement Promissory Estoppel = When a party changes its position substantially in reliance upon another’s promise Contract Law Contract Law Contract Formation Capacity = A person’s ability to be bound by a contract Individuals lacking capacity: Minors Intoxicated Persons Mentally Impaired Persons Contract Law Contract Law Contract Formation Lawful Purpose = The contract must not be for an unlawful purpose or contrary to public policy Contract Law Contract Law Contract Formation Five essential elements for a valid contract: Offer Acceptance Consideration Capacity Lawful Purpose Contract Law Contract Law Other Bases to Void a Contract: Fraud Misrepresentation Duress Undue influence Mutual mistake ...
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