Result in both employee and employer being sued 45

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result in both employee and employer being sued 45) Rescission – a ruling on a contract ordered by the judge which cancels the contract, or rescinds it 46) Mutual Rescission – both parties agree the contractual relationship should be terminated a) Usually done when the contract is impractical or impossible 47) Release – excuses a party from performance of his contract
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BUSINESS LAW - CLEP 48) Accord and Satisfaction - both parties agree to accept performance different from original agreement 49) Non-Compete Agreement – an agreement that sets a limit on time, place and subject matter 50) Bailment – contract law a contractual delivery of goods in trust to a person for a specific purpose 51) Restraint of Trade – if the time limits are unreasonable a) The sale of a Coffee shop, a.i) unreasonable to say the party can never open another coffee shop a.ii) reasonable to say – can’t open one within 1 mile of this coffee shop b) prevent a programmer to ever program c) violates public policy 52) Exculpatory Clause – contract clauses intended to protect one of the parties from being sued for wrongdoing or negligence a) Violates public policy 53) Restatement of Contracts – a set of statements reflecting agreed upon common law contract rules 54) Contract – a promise or a set of promises for the breach of which the law gives remedy 55) Contract Law – proved the principles for determining whether a promise is enforceable 56) Privity – the requirement that a person must be a party to a contract to sue on the contract a) Two exceptions (a.i.1) A party can assign his rights to another party, (a.i.2) 3 rd party beneficiary have the right to sue 57) Enforceable Contract - agreement between 2 or more parties which is legally enforceable a) Can be expressed or implied a.i) Must contain these 4 elements (a.i.1) Capacity of the parties (a.i.2) Mutual agreement - meeting of the minds (a.i.3) Consideration – something of value, money or services given by one to another in exchange for a promise (a.i.4) Legality of subject matter – contract must accomplish a goal that is legal 58) Unenforceable Contract – a contract the court will not enforce a) Because there is no consideration b) A promise was made jokingly c) It does not meet Statute of Frauds requirements d) Too much time has passed e) Contracts that violate a statute are unenforceable e.i) If a contract requires professionals to be licensed 59) Contracts classified by formation type : a) Express Contract – a promise stated in words, either oral or written b) Implied Contract – Implied in fact Contract – a promise that is inferred from a person’s conduct or circumstances, NOT written or spoken c) Implied-in-law Contract – quasi- contracts are sometimes referred as contracts that are created by law, the court implies a contract
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BUSINESS LAW - CLEP 60) Elements to an Offer (a.i.1) Must indicate clear intent to form a contract (a.i.2) Must be definite to show the intent of the parties (a.i.3) Must be communicated to the other party (works, written or actions)
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