Contracts notes

Contracts notes - Chapter 13 Contract: a promise or set of...

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Chapter 13 Contract : a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes duty Covenant not to compete : restrict what an employee may do after leaving a company; often dictate where, when, and with whom the employee may work 1. Agreement : an OFFER by one party to enter into a contract and the ACCEPTANCE of the terms of the offer by the other party 2. Consideration : the bargained-for exchange or what each party gets in exchange for his or her promise under contract 3. Contractual capacity : legal ability to enter into an agreement 4. Legal object : contract cannot be illegal or against public policy Lack of genuine assent : when the offeror secures the agreement through improper means such as fraud, duress, undue influence, or misrepresentation Proper form : lacks a writing--- meaning it meets certain criteria Objective theory on contracts : we base the existence of contracts on the parties’ outward manifestations of intent and we base its interpretation on how a reasonable person would interpret it Three Sources of contract law : 1) case law, 2) Uniform Commercial code (UCC), and 3) Convention on Contracts for International Sales of Goods (CISG) - Restatement of Law Contracts : legal scholars organized principals of common law - Uniform Commercial Code : set of commercial laws applicable to all states Bilateral contract : when the offeror wants a promise of the offeree to form a binding contract Unilateral contract : the offeror wants the offeree to do something, not to promise to do something Express contracts : clearly set forth either written or spoken in words Implied contracts : arise not from words but from the conduct of the parties (ex. go to ER) a) Plaintiff provided some property or service to the defendant b) The plaintiff expected to be paid for such property or service c) The defendant had an opportunity to reject the project or service but did not Quasi contracts : (implied-in-law contracts) the courts impose contractual obligations on one of the parties as if that party had entered into a contract Valid : one that contains all of the legal elements of a contract Unenforceable : law prohibits courts from enforcing it (ex. statute of limitations. Fraud) Void : either its object is illegal or it has some defect so serious that it is not a contract Voidable : if one or both parties has the ability to either withdraw from the contract or enforce it Executed : when all of the terms of the contract have been fully performed Executor y: when some of the terms have not yet been performed Formal contracts : have a special form or must be created in a certain manner 1. Contracts under seal : contract either needs to be sealed or stamped 2. Recognizances : arise when a person acknowledges in court that he or she will perform some specified act or pay a price upon failure to do so (ex. bond)
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3. Letter of credit
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Contracts notes - Chapter 13 Contract: a promise or set of...

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