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UA / Law and Legal Studies / LGS 200 / Which elements make a contract valid?

Which elements make a contract valid?

Which elements make a contract valid?

Description

School: University of Alabama - Tuscaloosa
Department: Law and Legal Studies
Course: Legal Environment of Business
Professor: Alan trippe
Term: Spring 2017
Tags:
Cost: 50
Name: Study guide test 3
Description: I tried to fit to make it one page (just print front and back)
Uploaded: 03/26/2018
2 Pages 49 Views 8 Unlocks
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LGS200 Exam 3 – Contracts / Study Guide – Spring- 2018


Which elements make a contract valid?



4 essential elements of a valid contract

Agreement, consideration, contractual capacity & legal object

Contracts under the U.C.C. (Uniform Commercial Code)

Contracts for the sale of goods

Types of contracts: bilateral vs. unilateral

B=”promise is a promise” U= Promise for an act. “accepting by performing” Valid offers / elements

3:Serious intent, definiteness, communicated

Termination of an offer

Lapse of time, revoked by offeror, rejected by offeree or counter offer Acceptance of a contract

When mailed or communicated

Mailbox rule

Favors acceptance ONLY. Formed immediately when mailed

Acceptance by fax machine


How does peppercorn rule apply on a contract?



Accepted only when read/acknowledged. NOT when sent like the mailbox rule Counteroffers

Terminates the original offer (since it is not the same)

Rejection

Offeree to offeror

Revocation

Offeror can take it back

Offers of a reward

Can collect if you acted because of the reward, can’t collect if you heard about the  reward AFTER completing the act.

Unilateral offers We also discuss several other topics like What are the benefits of sampling distribution?

Promise for a SPECIFIC act

Objective theory / test

Serious intent. Judge if you are actually serious about it  

Lucy v. Zehmer

Z said he was merely joking and was not serious about it, even said he was drunk. But  further looking into it he was serious.


Is fraud considered a conscious decision?



Contracts implied in law Don't forget about the age old question of What are the key differences between the stance of erasmus and ramus?

To avoid unjust enrichment

Contracts implied in fact

Actions speak louder than words. Eating something before you pay for it implies you’ll  pay for it.

Consideration / bargained for exchange

Legal value, exchange that parties engage in that leads to an enforceable contract Peppercorn rule

Every detail counts and can be valid

Capacity: minors

3: minors, intoxication & court adjusted insane. Minors can disaffirm any contract Emancipation

No longer with their parents, they are officially on their own. Must pay for themselves Illegal contracts

Courts leave parties as they are, they don’t go messing around to fix things Court’s position / illegality

Unconscionable contracts / elements

Unequal bargaining power. One is stronger and uses against the weaker to get a  contract done.Don't forget about the age old question of What distinguishes one's social class?

exculpatory clauses

Put in writing before. “if x is done then I will do this”

covenant not to compete (non-compete clause) We also discuss several other topics like What is the structure of fatty acids?

employment contract. Time and geography.  If you want to learn more check out What are the features of sarcomere?

The Statute of Frauds / which contracts must comply

Oral & written. MY LEGS. Marriage, Years, Land, Executive Goods over $500 S Types of damages for breach of contract / remedies Don't forget about the age old question of What are the various duties of a judge?

Monetary  

Compensatory damages

The non-breaching party will receive the money

Liquidated damages

State upfront what is expected if breached

Consequential damages

Must tell in advance what they will pay if not completed

Equitable remedies for breach of contract

Injunction

Authoritative warning or order

Specific performance

Rare & unique

Mitigation of damages

Innocent must do whatever reasonable to prevent more damages The reality of assent:

Duress

Threats, violence, constraints or other actions brought to bear on someone to do  something against their will

Fraud

Conscious decision to induce another  

Undue influence

When someone takes advantage of mental, emotional, or physical weakness. Unduly  persuades into a contract

Mistake: unilateral or bilateral

U=only one is at mistake. B=both parties are at fault  

Mistakes of value

Value was not considered

Fraud/ elements

Misrepresentation of material fact, intent to receive, reliance of misrepresentation,  injury to innocent party

Rescission of contract / mutual

Offeror rescinds the contract

Novation

When one party is substituted for another party

Anticipatory breach

Told in advance you are unable to complete

Executory contracts

Promises that haven’t been completed

hypothetical questions (12) (KNOW)

third party rights

they receive all rights  

condition precedent / subsequent

“if x occurs, then you must complete it before everything is done”

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