BLS 342- Exam #3 Word List

BLS 342- Exam #3 Word List - 342 - WORD AND PHRASE LIST III...

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Unformatted text preview: 342 - WORD AND PHRASE LIST III Delegation of duties what does this mean and what are the contractual implications? Delegation o Occurs when a party to a contract (a delegator) transfers her duty to perform to a 3 rd party who is not part of the original contract (delegate) Delegates transfer DUTIES o Delegator is not relieved of his duty to perform by making a delegation If the delegator fails to perform the duty he is still liable to the obligee to fulfill the contract o Duties that cannot be delegated Duties that are personal in nature Duties for which the delegatees performance will vary significantly from the delegators Duties in contract that forbid delegations Assignment of rights - what does this mean and what are the contractual implications? Assignment o Occurs when a party (assignor) to a contract transfers her rights to a contract to a third-party (assignee) Assignor gives up all rights she previously had to the contract o UCC requires assignments be written if the amount is greater than $5,000 o An assignee must agree to accept the assigned rights o Rights that cannot be assigned Rights that are personal in nature Rights whose assignment would increase the obligors risk or duties Rights whose assignment is prohibited by contract Rights whose assignment is prohibited by law or public policy What is the relationship between rights vs. duties in a contract? Rights= Duties= Statute of Limitations An enactment in a common law legal system that sets forth the maximum time after an event that legal proceedings based on that event may be initiated. What types of contracts have been declared illegal as a violation of public policy? Unconscionable Contract Clauses o Refer to a term of a contract that is so unreasonable that it poses an unfair burden on one of the parties o Used in Consumer laws where unknowing and irresponsible individuals enter into a contract that they later wish it be undone. Ratification when can a minor ratify his acts after entering into a contract? Once a person reaches the age of majority (18), Legally affirm contracts made as minor Statute of Frauds what are the five situations discussed in class when contracts must be in writing? 1. Contracts that cannot be performed within one year from the date of their making Enter into a contract where it is IMPOSSIBLE what you promised to perform in a year then that contract has to be in writing Examples- Hire a person for the rest of his lifeand he drops dead the next day. What happens?- then it could be performed in one year, a contract for lifetime employment does not need to be in writing Example- if hire Sean for 13 months- then it has to be in writing because it takes more than a year to complete the promise. It is impossible for the contract to be performed in a year....
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This note was uploaded on 11/15/2011 for the course BLS 342 taught by Professor Miller during the Fall '08 term at Miami University.

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BLS 342- Exam #3 Word List - 342 - WORD AND PHRASE LIST III...

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