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LAW CH 4
Terms in this set (39)
A business needs enforceable contracts to assure cash flow. A valid, enforceable contract generally requires offer and acceptance, contractual capacity, genuine assault, consideration and legality.
where the contract and its terms are stated by the parties. An express contract can be written contract or verbal contract. Interpreted by a court based upon what a reasonable person would believe what the contract terms were.
here the contract and its terms are created by law, due to the conduct of the parties. Interpreted by a court based upon what a reasonable person would believe what the contract terms were.
a question of fact for a judge or jury based upon evidence of writings or actions of the parties.
Binding and enforceable by either party
No legal effect, Does not exist as far as the law is concerned, Neither party can enforce it.
A binding contract, though one of the parties has the right to reject or enforce it.
Valid, but unenforceable
A contract that has the elements of a valid contract, but there is some defect that creates a defense to enforceability.
Breach of Contract
A lawsuit to enforce a breached contract, Generally the plaintiff must be a party to the contract. Strangers to a contract generally have no rights to enforce it.
Parties to a contract must have capacity or they will be protected by the law, allowing them to reject their contract. A lack of capacity makes a contract voidable. Parties need both legal capacity and actual capacity. Legal capacity is concerned with a party who needs to be protected because the law says so - Minors underage 18
they are not liable for the contract price of what they received, but are liable for the reasonable value of the goods or services received
The terms of the offer
Thinking about offer but didn't sell
Communicated to the offeree
if theres a offer and sell ads and prices quotes, they negotiate, no offers
sufficiently definite and certain.
is bargained for exchange for value, each party gives something
Four Forms of Consideration
Thing of Value (food, furniture, or money)
A valuable source (repair legal or catering service)
A valuable forbearance (giving up legal right that one party already has, a right not to sue)
A binding promise to do one of the first three at a future time (a certain date)
A non-competition contract
where one party agrees not to compete in business with another party, can be void.
Enforceable if: is part of a contract for sale of a business or if it is part of an employment contract, and the non-competition contract is not overly restrictive in time, territory, or market.
they must have intended to agree. They entered the contract knowingly and voluntary.
is an intentional misrepresentation of a material fact used to induce another to enter a contract. Intentional tort
is where a contract is entered through force or threat of force.
Statute of Frauds
Some oral contracts must be evidenced by a signed writing to be enforceable in court. Need writing or can't use i court and evidence (signed writing)
A contract for the transfer
if an interest in real property. considered valuable, in writing
can be real property or personal property
is land and that is over or attached to the land
any property that isn't real property
furniture, jewelry, cars, f&b
copyrights, trademarks, property or shares of stock
tangible personal that is attached to real property that becomes real property
example: light fixture attached to a shelf lamp, plumbing, toilet, sink/faucet
a fixture installed by commercial tenant in their commercial tenant.
example: a shelf you built in, now landlords
oral contracts can be enforced without writing if the agreement has been partially performed. Ordering food/beer to restaurant
A contract that is Vague
own language may need to be interpreted by a court if someone is suing to enforce it
generally a light least favorable to the party who rated the contract. Best contract = NO COURT
more serious, goes to the heart of agreement.
example: three months of not paying rent
less serious, can recover damages
example: few days late on lease payment but still paid in full
reduce their damages if reasonably possible
an amount specified in the contract that will be payable in the event of a breach
can be used to force the defendant to stop their ongoing conduct that violates plaintiffs rights
Tort or Breach of Contract
example: copyright, downloading illegal music
focuses the defendant to fulfill their contractual obligation. Stop doing what you are not supposed to do and start doing what the contract says
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