Management 260 Week 12 Notes
Management 260 Week 12 Notes Management 260
Popular in Introduction to Law
Popular in Business, management
This 4 page Class Notes was uploaded by Eunji Cho on Tuesday April 19, 2016. The Class Notes belongs to Management 260 at University of Massachusetts taught by Michael Malkovich in Spring 2016. Since its upload, it has received 14 views. For similar materials see Introduction to Law in Business, management at University of Massachusetts.
Reviews for Management 260 Week 12 Notes
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 04/19/16
UMass Amherst Management 260 Professor Malkovich Week 12 Notes: Apr 11 – 15 By Eunji Cho Defenses • Age o Must be 18 years of age o Exception: for necessities § Food, shelter, clothing, medical care § Used car (? depends) o Court only allows for reasonable value: can restructure the contract for equitable amount • Illegality o Any illegal term in the contact is unenforceable • Mental incapacity o Court decides whether the party got involved in the contract knowing that they might get taken advantage of (intoxication) • Duress o When you’re in a position where you can’t negotiate because you’re pressured by a condition or circumstance o Court may issue relief • Undue influence o Based on a relationship between the parties • Mistake o Only a bi-lateral mistake: When both parties entered the contract under a mistake o If the parties were mistaken going into the contract, the court will nullify the contract • Misrepresentation o False representation of material fact o Actual reliance must be shown o May be intentional or negligence o Can be unintended but implied o Failure to represent is included in misrepresentation • Fraud o Intentional misrepresentation o Bad faith o Consumer Protection Act or common law -> possible punitive damages § Penalties: double or triple the amount in contract and attorney’s fees • Unconscionable contract o Elements § Business to consumer transaction (can’t be between two businesses or two consumers) § Disparity in the level of sophistication between the parties (intended to protect people who are inexperienced in dealing with the market) § Contract terms are patently unfair o If these elements are met, the court will step in and nullify the contract Using these defenses can leverage your bargaining terms while negotiating. April 14, 2016 Parol Evidence Rule • Oral representation; cannot modify written contract • Exceptions o Oral clarification of meaning of terms o Incomplete contract – oral said regarding: additional terms Statute of Frauds • Contracts for sale of land • Contracts that by its terms cannot be performed within a year o You can’t put a 10-year lease for a building on oral contract • Contract for Indemnification • Contract for sale of goods over $500 under UCC (Uniform Commercial Code) Discharge of Contract • Performance o If the parties completed their performance o “Substantial performance” is sufficient • Breach o Breach of contract will discharge the non-breaching party § You’re not expected to keep performing if the other side doesn’t perform what he’s supposed to do o Anticipatory Breach § Demand reassurance of the other party’s ability to perform § Write a letter to demand reassurance despite the bankruptcy -> give information about bankruptcy/insurance in case the contract doesn’t go through § Other party must provide reasonable assurance § Failure to provide the assurance means that you can walk away from the contract (failure to provide assurance constitutes breach of contract) • Agreement of Parties o Novation: Alternate contract o Accord; Satisfaction: giving something of value to satisfy any remaining obligation regarding the contract o Novation: substitution of old contract or replacing with a new contract • Failure of a Condition o Condition precedent o Condition subsequent • Impossibility of Performance o Parties may not be responsible
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'