Today Discuss Exams 1 and 2 Begin Contracts section Recap Exam 1 Nice work Average scores Highest scores curve Preview Exam 2 Contracts is longest section One take home assignment before Exam 2 Study guide in advance of Exam 2 Same exam format plus extra credit Current Events Warrants for Florida police to inspect Florida businesses It was a scene right out of a Hollywood movie Police 1 general enforcement scheme 2 highly regulated industry Which court Why Verdict 11th Circuit in Atlanta criminal raid executed under the guise of an administrative inspection is constitutionally unreasonable Current Events Other articles you ve noticed Next class legal issues in the news Class participation Contracts Why study contracts Practical reasons Philosophical reasons What is a contract A promise carrying an enforceable legal duty with an enforceable legal remedy for breach Contract Scenarios Jack and Jill negotiate for tickets to OSU OU football game Four components of a contract Scenario 1 Jack pays 200 Deal First element of a contract AGREEMENT Scenario 2 Have the tickets I m going to the beach Second element of a contract CONSIDERATION Scenario 3 Jack pays 1 000 after long dinner Third element of a contract CAPACITY Scenario 4 Jack pays 100 and solves a car problem Fourth element of a contract LEGALITY Four Elements of a Contract Agreement Consideration Capacity Legality Explore and apply nuances Exam 1 Exam 2 Four schools of legal thought Common law Legal Philosophies Philosophies applied to contract law Natural Law Legal Realism Historical Approach Positive Law Common Law Contract law is largely common law Judge made law stare decisis precedent LSB 4323 Law of Commercial Transactions Uniform Commercial Code UCC Schedule Thursday finish chapter 11 Next week chapters 12 and 13
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