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Chapter 9 notes!

by: Notetaker

Chapter 9 notes! BSL 212

User_19183_profile7443 Notetaker
GPA 3.571
Introduction to business law
Martinez Evora

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A summary of chapter 9! Contains all you need to know about the chapter! Hope it helps!
Introduction to business law
Martinez Evora
Class Notes
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This 3 page Class Notes was uploaded by Notetaker on Sunday February 8, 2015. The Class Notes belongs to BSL 212 at University of Miami taught by Martinez Evora in Winter2015. Since its upload, it has received 184 views. For similar materials see Introduction to business law in Business Law at University of Miami.


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Date Created: 02/08/15
CHAPTER 9 Introduction to contract law Common law law determined by judges Contract law is regulated by three bodies of law RULES 1 State common law which varies in each state Each has its common law principles is applied to services Real state transactions transactions involving intellectual property Restatement of contract legal scholar39s opinions that seek to inform judges and lawyers about general principles of contract common law 2 The uniform commercial code UCC applied to sale of goods anything tangible movable sale exchange of a title for a good no rent no leases no exchanges Hybrid predominant good or service If there is a case that involves services and goods it would be treated either by the state common or the UCC depending on the predominant look at 1 value 2 is the transaction more about the good or the service 3 The convention of the international sale of goods CISG applies to international business transactions What is a contract An agreement between two or more parties Gifts are not contracts 6 basic requirements of all contracts Mutual assent offer acceptance Consideration the legal sufficiency Legal object Capacity Writing Absence of invalidating conducts Fraud Mistake Duress Undue influence Types of contracts 1 Expressed vs implied 1 Expressed intentions and promises are written down or said orally 2 Implied both parties have understood a contract by conduct B Bilateral vs unilateral 1Bilateral promises on both sides 2Unilateral contract promise on one side performance on the other side The contract will be valid when the performance is over C Executed vs executory 1 Executed Done over nothing is due 2 Executory in the process some exchanges are missing Exceptions to the 6 requirements equity 1 Promissory Estopple a Promise Prove that a clear promise was made b Detrimental reliance Forseability there39s someone relying on this promise c Injustice without enforcement If the court doesn39t enforce the promise it will be injustice 2 Quasi Contract implied in law unjust enrichment one party is unjustly getting assets or benefits the serviced provider is the one suing benefits were provided benefits were accepted There39s awarenessappreciation of the benefit being providedgt emergency services are an excep on Injustice without enforcement Unjust enrichment One party is unjustly getting assets benefits or money they don39t deserve It applies to many situations For example when professionals rendering services refuse to pay for the services provided


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