Class Notes 3-7 - Class Notes 3/7/12 Consideration:...

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Class Notes 3/7/12 Consideration: Something of value in exchange for a promise (double check this) Illegal/void Contracts: - A contract to commit a crime will not be enforced by law. - One that commits Usury – Charges an excessive interest rate on money loaned 10% - Contract in Restraint of trade - Unconscionable Contract - Contracts that cannot be performed in one year Statute of Frauds 1. Real Property 2. Sale of Goods > $500 must be in writing Certain agreements must be in writing, know which ones. And the writing must be signed by the party to be charged. Third Parties: Do third parties have a right to the contract? 1. Beneficiary 2. Delegation 3. Assignment Defenses 1. Fraud – A false and material misrepresentation made by a party to a contract who knows that the statement is false and the other party to the contract relies on that false misrepresentation to their detriment. 2. Misrepresentation – The same as fraud but missing one element, the intent. There is a negligent, accidental false statement but there is no intent.
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Class Notes 3-7 - Class Notes 3/7/12 Consideration:...

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