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10_5_10_notes - Formal contract – A contract that is...

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10/5/10 BLAW3391 Cases 10-2 & 10-4 Elements of a contract 1. Agreement 2. Consideration – something of legal value that is exchanged 3. Legal – must be legal 4. Capacity – you have to have legal capacity to enter into a contract Offeror – makes the offer to the offeree Offeree – the person who is able to accept that offer Restatement of contracts is not law Uniform Commercial Code (UCC) Bilateral – Promise for a promise (You get this if you do that) Unilateral – Acceptance by the offeree is by performance (Mowing a yard for $20) Express – verbal contract or in writing (Do this for doing that) Implied – in – fact: By our actions & conduct we have been bound to perform (For the second week of lawn mowing, the guy still must pay the mower because he never told the mower not to mow the yard, therefore owing him $20) Use reasonable person standard with contracts too
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Unformatted text preview: Formal contract – A contract that is required to be put on a specific form to be valid Informal contract – 95%, not approved mandated form that you must read, as long as a contract covers essential elements if it is okay Executed – a fully performed contract Executory – a not fully performed contract Valid contract – all elements have been satisfied Void contract – as though it no longer exists Voidable contract – The option to perform or not perform in a contract Unenforceable – A contract that is required to be written, otherwise it is not enforced Contracts for real estate must be written contracts. If you had a written agreement then you must sell the land Equity – conduct of parties where the results are fair At – Law: if you have adequate remedy in court of equity Ex: if...
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