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HA 387 Final Review Contracts2(raj)

HA 387 Final Review Contracts2(raj) - 1 HA 387 Contracts...

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HA 387 Contracts & Unions/Collective Bargaining Exam Review Sheet Contracts 3 Requirements – All 3 need to be met for K to be valid: 1. Offer – Objective Test – must make an Objective Manifestation that will allow someone to accept. “I offer to sell my house to you.” Joking is not a defense. a. What the K says in writing matters. b. Counter offer- rejection of first offer, brings up a new offer with different terms, defendant’s original offer is void now. Both can be at play if you offer both original and counter. Would a reasonable person think this was an offer? c. Duration of Offer - How long does the offer stand? Can always be stated on contract. If no time stated - imply reasonable time. Jury decides if time was reasonable or not. 2. Acceptance – Would a reasonable person think you have accepted the offer? a. Meeting of the mind – two parties agree to the material terms: money, time, who’s doing what, both have to be met. b. Use precise wording, “I am offering” 3. Consideration – Anything that imposes a detriment to a situation. a. One person’s detriment is giving 5000 for the item, the other persons detriment is losing the item. Benefit to first person is the item, benefit to other person is the 5000. b. Giving up a legal right is a detriment, not smoking, not drinking. Both sides have to give up something. c. Corresponding benefit is not necessary Oral Contract – enforceable, but hard to prove – if you discuss 3 things (offer, accept, consider) then it is enforceable. Statute of Fraud – exceptions to enforceable oral contracts In some situations a contract has to be written down or it is not enforceable. (Writing on a napkin is a written contract) Real Property – Houses, Buildings. 1-year rule – if a contract cannot be fully performed within a year, it must be written down. o If there is any possibility that it can be completed within a year, Oral K is OK. o “I will mow your lawn for 5 years.” – written needed o “I will mow lawn till you sell house.” – no written needed. o Oral employment Contracts are OK because they can last for less than a year. Each day you complete a day of work, you have fully completed your contract. 1
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Mistakes 1. Mutual (Bilateral) - both parties contract in something but they are both thinking wrong thing. Results in NO Contract if they have agreed. Cow who can't have kids example. 2. Unilateral – One side knows what they are doing, the other side does not. Generally NOT voidable. Intentional misrepresentation and unconscionable scenario. Defenses to Contracts 1. Drunk – can get out of K but not always, depends on circumstances. 2. Minor – Under 18 – can get out of K but depends on circumstances. Ask about Columbia House example. 3. Legally declared insane or incompetent – K gone 4. Material Misrepresentation – K gone – Reliance on buyer – did buyer rely on representation before going into the contract?
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HA 387 Final Review Contracts2(raj) - 1 HA 387 Contracts...

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