Law And Business I
Law And Business I BUL 3320
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This 2 page Class Notes was uploaded by Kenyon Herzog on Wednesday September 23, 2015. The Class Notes belongs to BUL 3320 at University of South Florida taught by Robert Welker in Fall. Since its upload, it has received 50 views. For similar materials see /class/212624/bul-3320-university-of-south-florida in Business Law at University of South Florida.
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Date Created: 09/23/15
Chapter 9 I Law of Contract Contract a binding agreement that the courts will enforce The uniform commercial code article 2 of the UCC governs the sales of goods I Sale the transfer of title from seller to buyer for a price Includes both present sale of goods and a contract to sell goods at a future time I Goods tangible personal property personal property is all property other than an interest in land Common Law or General Contract Law governs all contracts outside the scope of the UCC Common law most contracts are prim arily governed by state common law including contracts involving em loym ent services insurance real property land and anything attached to it including buildings patents and copyrights II Requirements of a Contract Promise the intention to act or to refrain from acting in a specified manner A promise may be contractual or noncontractual All contracts are promises but not all promises are contracts I Promisor person making the promise I Promise person to whom the promise is made Breach failure to properly perform promises 4 Requirements of a Contract all must be present for the contract to be enforceable 1 Mutual assent the parties to a contract must manifest by words or conduct that they have agreed to enter into a contract Usual method of showing mutual assent is by offer and acceptance 2 Consideration each party to a contract must intentionally exchange a legal benefit or incur a legal detriment as an inducement to the other party to make a return exchange 3 Legality of object the purpose of a contract must not be criminal tortuous or otherwise against public policy 4 Capacity the parties to a contract must have contractual capacity cannot be a minor intoxicated incompetent an oral contract is binding and enforceable III Classifications of Contracts Implied in Fact contract contract where the agreement of the parties is inferred from their conduct Express contract an agreement that is stated in words either orally or in writing Bilateral contract contract in which both parties exchange promises Each party is both a promisor and promise ex if you promise to mow my lawn I ll pay you 10 Unilateral contract contract in which only one party makes a promise ex if you will mow my lawn I will pay you 10 7 the contract is formed after the lawn is mowed not before Page 1 of2 Valid contract one that meets all of the requirements of a binding contract Void contract does not meet the requirements of a binding contract it isn t a contract at all without legal effect ex an agreement entered into by a person whom the courts have declared incompetent Voidable contract though defective it is not wholly lacking in legal effect It is a contract however because of the manner in which the contract was formed or a lack of capacity of a party to it the law permits one or more of the parties to avoid the legal duties the contract creates Unenforceable contract contract for the breach of which the law provides no remedy ex a time period may be set by statutes during which a party has the right to bring a lawsuit fro breach of contract if the time period has passed the contract becomes unenforceable Executed contract a contract that has been fully carried out by all of the parties to it Executory contract contracts that are still partially or entirely unperformed by one or more of the parties Promissory estoppel doctrine enforcing noncontractual promises where there has been justifiable reliance on the promise and justice requires the enforcement of the promise ex if Gordon promises Jake not to foreclose for a period of 6 months on a mortgage Gordon owns on Jake s land Jake then spends 100000 to construct a building on the land His promise not to foreclose is binding on Gordon under the doctrine of promissory estoppel Quasi as it contracts an obligation not based upon contract that is imposed by law to avoid injustice also called an implied in law contract It is not a contract ex if William mistakenly delivers a plain unaddressed envelope containing 100 to Roy intended for Lucia Roy is under no contractual obligation to return it but William is permitted to recover the 100 from Roy The law imposes a quasicontractual obligation on Roy in order to prevent his unjust enrichment at the expense of William and Quasr Contracts Contract Promissory Estoppel Quasi Contract Type of Promise Contractual Noncontractual None Void Unenforceable Unvalidated Requirements All of the essential Detrimental and Benefit elements of a contract justifiable reliance Conferred and knowingly accepted Remedies Equitable Promise enforced to the Reasonable value of the Compensatory extent necessary to benefit conferred Reliance avoid injustice Restitution Page 2 of2
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