61 void contract one with zero validity it was never

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61) Void Contract – one with zero validity – it was never a valid contract, cannot be enforced a) Example: buying illegal drugs, murder for hire 62) Voidable Contract – a contract where one party can end the contract (ie: a contract with a minor) 63) Statue of Frauds contracts covered by this statue must have a) Must be evinced by a memorandum – a written document that provides evidence of a contract b) Party must sign memorandum c) Only applies to Executory Contracts d) 5 man contracts specifically defined by Statue of Frauds (d.i.1) Covers agreements for sale of goods of $500 or more (d.i.2) Agreements not performed within a year (d.i.3) Agreements for sale of land (d.i.4) A promise to pay another’s debt (d.i.5) Prenuptial agreements (d.i.6) A promise by administrator of estate to pay a debt from personal funds 64) Executory Contract – the promises have not been completely fulfilled 65) Executed Contract – all promises have been fulfilled 66) Unilateral contract – one party has performed their obligation so there is only one performance obligation remaining, a promise is exchanged for a performance a.i) ZZ promises to pay B $100 to mow their lawn. B mows the lawn (this is a unilateral contract, B mowed the lawn, and is waiting for ZZ to pay) b) Unilateral contracts have limitations on when they can be withdrawn 67) Bilateral contract – two promises are exchanged for performance a.i) ZZ promises to pay B $100 to mow their lawn. B promises to mows the lawn (this is a bilateral contract, both made a promise to the other) 68) Option Contract – when the offeree pays for the offeror’s promise to keep the offer open for a period of time a) Option contracts have limitations on when they can be withdrawn 69) 2 things each party of a contract gains a) A Right and a duty a.i) The right to receive payment (a.i.1) Rights can be assigned to another party (a.i.2) The assignee is substituted the assignor and “stands in the shoes of the assignor” a.ii) The duty to provide a service for payment (a.ii.1) Duties can be delegated to another party (a.ii.2) Routine duties can usually be delegated (no special skills or attributes) b) Personal Services cannot be assigned – they are unique to the person rendering them 70) Prohibition of Assignment – forbids assignment by the parties in a contract a) Prevents one party from assigning rights
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BUSINESS LAW - CLEP a.i) Can be completely forbidden a.ii) Or require consent of both parties 71) Goods – all things that are movable at the time of the contract 72) Promise – commitment to act or refrain from acting in a specified way in the future 73) Discharge – termination or completion of a contract either by: a) Performance – both parties performed the contract. This is how contracts are suppose to end b) By breach c) Agreement of parties d) Operation of law 74) Executed Exchange – an exchange without a contract 75) Promise to purchase – a promise to perform some future event 76) Promiso r – the person who makes a promise 77) Promisee – person to whom the promise is made
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