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Week 1 Notes

by: Kyle Maynard

Week 1 Notes

Marketplace > Purdue University > Week 1 Notes
Kyle Maynard
GPA 3.0

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Class Notes
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This 3 page Class Notes was uploaded by Kyle Maynard on Tuesday February 10, 2015. The Class Notes belongs to a course at Purdue University taught by a professor in Fall. Since its upload, it has received 26 views.


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Date Created: 02/10/15
33 Ch 12 Continued Extent to which terms have been performed 0 Executed completed contract 0 Executory ongoing contract 0 Void 0 Valid 0 Voidable minor enters a contract and cancelled when they turn 18 o Unenforceable Offer and Acceptance o Intent to Contract 0 Unconscionable Clauses 0 Duration of Offers Uniform Commercial Code Sect 2302 0 If the court as a matter of law finds the contractor any clause of the contract to have been unconscionable at the time it was made the court may refuse to enforce the contract or it may enforce the remainder of the contract without the unconscionable clause or it may so limit the application of any unconscionable clause as to avoid any unconscionable result Liquidated Damage Clause 0 Monetary compensation for a loss detriment or injury to a person or a person39s rights or property awarded by a court judgment or by a contract stipulation regarding breach of contract 0 Agree in advance to contract limited to 250 Offer Accepted Revocation Received Acceptance Mailed 35 Ch 14 Notes Capacity and genuine consent 1 Minors a Liable for torts b Parents may be liable for torts as well i Parents can be liable for actual damages caused by their minor children for intentional torts ii There is a cap on liability 5000 iii Providing parent has custody of child and child is living with the parent c Liable for contracts of necessity i 17 year old can sign a contract for an apartment at college d Other contracts may be rescinded upon reaching age 18 e If a person is mentally or physically incapacitated someone may be appointed to be their guardian i Physically anyone can go down to court file a petition to be a guardian by saying that they are incapacitated the incapacitated person becomes a ward and becomes a minor 2 Guardianship 3 Fraud a Misrepresentation of material fact b Knowledge of falsity c Intent to deceive d Reasonable reliance by the other party e Damages


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