LSTD Ch 9. Contract

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LSTD Ch 9. Contract Formation

Third Party rights

Benefits a third party

Transfer obligations

Delegations

Transfer rights

Assignments

Capacity

Mental Incompetence

Guardian only

Contracts are void

Intoxication

Voluntary

Prove

Involuntary

Invalid

Minor

Past Considerations

Lack of Consideration

Unforseen Difficulties

Preexisting Duty

Sheriff

Adequacy of Consideration

Drunk sells for much less

bargained for exchange

Exchange of promises

Legally suficient value

Action that has to take

Action

Promise to something

Promise to do

Communicated to the offeree

Mode and Timeliness of Acceptance

Mailbox rule

Accepted when send

Unequivocal

Termination

Terminated

Offeree terminates the offer

Operation of law

SuperveningIllegality

Death or incompetence

Destr. Subj matter

Lapse of time

Counteroffer

Revocation

Detrimental reliance

Promissory estoppel

Option contracts

Money for revoke

No revoke

Offeror revokes offer

Terms are definite

Timing

Consideration to be paid

Subject Matter

Identification of the parties

Serious intention

No invitations to submit bids

No future intent

No opinions

No anger

Parties

Offeree

Offeror

Elements

Defenses

Form

Written

Genuineness of assent

No duress or fraud

Contractual Capacity

Capables

Consideration

Supported with something of value

Agreement

Acceptance

Offer

The statute of frauds

Require writing

Goods 500

Marriage

Promises to answer a debt of another

Cannot be formed within a year

Interests in land

Voluntary Consent

Duress

Undue Influence

Cannot act according to their will

Pressure from other

Fraudulent Misrepresentation

Defense

Negligent misrepresentation

Innoncent misrepresentation

Mistakes

Mistakes of value

No mistake, no power to void

Mistakes of fact

Mistake of one

bilateral

Meaning of words

Material fact

Legality

Exculpatory clauses

Liability intentional misconduct

Unconscionable Contracts or Clauses

Substantive Unconscionability

Shock the conscience of the court

Procedural Unconscionability

No opportunity to negotiate

Adhesion contracts

Inconspicuous print

Difficult understanding

Contrary to public policy

Convenants not to compete

Employment Contracts

Dont go to another co

Sale of ongoing business

Contrary to statutes

Licenses

Protect profesionals

Gambling

Usury

Up to the limit allowed

Crime

Types of Contracts

Enforceability

Void

Not a contract

Unenforceable

written and not done

Voidable contracts

minors

Executory

Executed

Express vs Implied in fact

Implied

Requirements

Defendant could drop the services

Expected payment, Know SHK defendant

Plaintiff some service

Conduct

Express

Stated

Formal vs Informal

Bilateral vs Unilateral

Unilateral

Promise for an act

Bilateral

Promise for a promise

Def

Objetive theory of Contracts

Intent

Circumstances

how did they manifest

What party said

Important

Set of promises

Performance

Duty

breach

Remedy