Chapter 10 Contracts Online

Chapter 10 Contracts Online - Chapter 10 Contracts Online I...

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Chapter 10 Contracts Online I. Purpose of contracts: a. Contracts exist to make business matters more predictable b. Parties enter to attempt to control their future II. Judicial Activism vs Judicial Restraint a. Judicial restraint: a.i. Courts generally but not always do what we expect a.ii. A court taking a passive role and requiring parties to fulfill whatever obligations they agreed to- whether wise or foolish; not their job to rewrite a deal a.iii. A court’s reluctance to interfere with the terms of a contract a.iv. Makes law less flexible but more predictable b. Judicial activism: b.i. A court will ignore certain provisions of a contract or an entire agreement if the judge believes that enforcing the deal would be unjust; willing to artificially create a contract; has an initial appeal b.ii. Makes the law more flexible but less predictable III. Issues (and Answers) a. A contract has four elements: a.i. Agreement: one party valid offer and other party accepts it a.ii. Consideration: bargaining that leads to an exchange a.iii. Legality: must be for a lawful purpose a.iv. Capacity: must be adults of sound mind b. Other issues: b.i. Consent: neither may trick or force to agree b.ii. Written Contracts: some must be in writing to be enforceable
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This note was uploaded on 11/06/2011 for the course FIN 3055 taught by Professor Cgiles during the Fall '08 term at Virginia Tech.

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Chapter 10 Contracts Online - Chapter 10 Contracts Online I...

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