Chapter_4--Class_handout - 1 2 3 4 5 6 What is a contract...

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1.) What is a contract? 2.) What 6 elements must be present for one to have a valid contract? 3.) With respect contractual capacity, how may one lack capacity? 4.) What is the difference b/t a void and voidable contract? 5.) Are advertisements “offers?” 6.) If one makes an offer and the response to the offer is a counteroffer, what happens to the original offer? 7.) Give an example of a contract that is void for legality reasons. Why is it not “voidable?” GROUP 2 8.) Define and name 3 types of consideration? 9.) Which is more valid in terms of finding legal consideration, a penny or $1,000? 10.) What is the Statute of Frauds? 11.) Give an example of the part performance exception to the SOF. Why do you think the law provides for this exception? 12.) Give an example of a K where genuine assent is not present? What two types of legal circumstances give rise to a lack of genuine assent? 13.) Is a unilateral mistake a basis to avoid a K? What about a mutual mistake? Explain with examples. GROUP 3 14.) If there are ambiguous terms in a contract how will the court usually determine what they mean? 15.) What are compensatory damages under a contract? What are the two requirements that must be met before one may recover them? 16.) What does it mean to “mitigate” one’s damages? Give an example in the hospitality industry where there has been a breach of contract. 17.) Can one get punitive damages in a breach of contract? What are they? 18.) What is “goodwill” in a legal and business sense?
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GROUP 4 You decide to open an event planning business. You hire an attorney and deposit a retainer with her. She tells you that she chares by the hour in increments of six minutes. Money is tight for you so you want to make sure you only call her when absolutely necessary. And, when you do speak, you want to ensure you are able to efficiently communicate the possible legal issues you want addressed so you don’t waste time and run up a large bill. You’re not worried too much because your favorite class in college was HM 120 where you learned to spot and effectively communicate legal issues in the hospitality industry. In addition, through being able to spot situations that potentially give rise to liability you learned how to avoid them. Although things are smooth with your new business initially, it does not stay that way for long. A lady you spoke to briefly at a party about arranging a tour/luncheon in the wine country calls and tells you she and her party are excited about the upcoming event. Surprised, you explain that you never made a formal agreement with her and that you no
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Chapter_4--Class_handout - 1 2 3 4 5 6 What is a contract...

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