Ch. 9 Contracts

Law 21 must be mentally competent understanding

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Law – 21); must be mentally competent – understanding components of agreement Express contract : parties manifested their agreements orally or in written language or both Implied contract : one that is inferred from the parties’ conduct Valid contract : meets all requirements of being binding Void contract : has no legal effect Unenforceable contract : in between Executed contract : everything has been completed Quasi: implied law– obligation imposed by law to avoid injustice – not contracts but give rise to obligations 02/06/12 Exchange a car with money. Deal? No. Why isn’t there a deal? You don’t know how many cars he owns, so not sure of which one – no specificity There must be intent to enter an agreement, but also have to be thinking about the same car. Once the item is identified, it is okay Real estate: must specify exact location – contracts for this must be in writing Can only prove intent by surrounding facts Contracts don’t have to be in writing to be enforceable – but sometimes you may need it Caviat emptor : let the buyer beware Validity of Agreement: Mutual assent (void) Consideration (void) Capacity (voidable) Invalidating Conduct (voidable) Subject Matter Legal (unenforceable) Statute of Frauds Satisfied – valid contract Duress – forcible restraint or restriction Law Governing Contracts:
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Ch. 9 // Introduction to Contracts Sale of Goods? No: General contract law governs Yes: Specific provision of UCC applicable? Yes: UCC governs (don’t govern mortgages) No: General contract law governs Exchange of promises IS the contract – makes the agreement binding – obligated An agreement can be implied (ex: swiping into the caf in exchange for food – don’t need to talk, but mutual understanding) If a party wants to get out of the situation, it must prove that it was not aware of situation – give reasonable justification Exchange must be pretty valued – Fair market value – selling a Ferrari for $10 – not appropriately valued
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Law 21 must be mentally competent understanding components...

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